Slides
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earnings conference call fourth quarter fiscal 2026 — November 4, 2026
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2 — Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the U.S. Securities and Exchange Commission (“SEC”), news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance, financial, operating cash flow and liquidity, as well as the economy and other future events or circumstances. These statements include, but are not limited to, expectations regarding Ashland’s strategic priorities, operating performance improvements, and financial outlook for fiscal 2027. Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: Ashland’s aggressive growth goals and the extent to which such goals may be impacted by a failure to optimize our tangible and intangible assets, a failure to identify and integrate acquisition targets, and any unexpected costs and liabilities associated with such acquisitions, and goodwill impairment; business disruptions stemming from natural, operational, and other catastrophic events, including disruptions to supply and logistics functions, manufacturing delays, and information technology system and network failures; climate change and related resource impacts; changes in consumer preferences and a reduction in demand for Ashland’s products; risks inherent in operating a global business, including tariffs and other trade policies, and geopolitical instability and armed conflict; economic downturns and disruptions in the financial markets; Ashland’s substantial indebtedness, including the possibility that such indebtedness and related restrictive covenants may adversely affect our future cash flows, limit our ability to repay debt and obtain future financing, place Ashland at a competitive disadvantage, and make us more vulnerable to interest rate increases; our ability to develop and market new products and remain competitive in the markets in which we operate; our ability to pass increases in the costs of energy and raw materials to customers and to fulfill our contractual requirements with customers and vendors; downward pressures on prices and margins; the ability to attract and retain key employees, including across foreign jurisdictions where employment laws and business and cultural practices may differ, and to provide for effective succession planning; cybersecurity risks, including disruptions to or failures in Ashland’s information technology systems and networks, malicious cyberattacks, the inadvertent or accidental disclosure or loss of proprietary or sensitive information, and cyber risks related to Ashland’s external service providers and other third parties; risks related to Ashland’s use of artificial intelligence, including the potential for flawed or unreliable outputs, and the complexities and uncertainties in the legal and regulatory landscapes; Ashland’s ability to effectively protect and enforce its intellectual property rights; exposure to products liability claims; risks related to compliance with environmental, health, and safety regulations, including the potential for costly litigation, remediation, and settlement actions; exposure to pending and threatened asbestos-related litigation; changes in the legal and regulatory landscapes in which we operate; changes in taxation or adverse tax rulings; and, without limitation, risks and uncertainties affecting Ashland that are described in Ashland’s most recent Annual Report on Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release whether as a result of new information, future events or otherwise. Regulation G: Adjusted Results The information presented herein regarding certain unaudited adjusted results does not conform to generally accepted accounting principles in the United States (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Ashland has included this non-GAAP information to assist in understanding the operating performance of the company and its reportable segments. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information has been reconciled with reported U.S. GAAP results under Appendix B: Non-GAAP Reconciliation of this presentation.
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3 — agenda o Q4 performance summary o Q4 financial results o business unit reviews o strategic priorities & outlook o CEO priorities o Q&A
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4 Q4 performance summary
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5 — Q4 business drivers: broad-based commercial strength life sciences broad pharma growth across major regions and technology platforms; sixth consecutive quarter of year-over-year pharma volume growth personal care broad-based gains across the portfolio; double-digit growth in biofunctional actives, microbial protection and hair care, and high-single-digit growth in skin care specialty additives high-single-digit growth in coatings and double-digit growth in performance specialties with continued share gains across regions intermediates favorable merchant mix, pricing and cost performance support improved profitability and margin expansion pricing disciplined pricing actions covered raw-material cost inflation across all business units commercial momentum sales volumes increased 3%, led by pharma, personal care, coatings and performance specialties plant operations productivity investments are in place; focus is now on execution to increase production rates and output free cash flow strong cash generation, with lower working capital supporting higher operating cash flow and ongoing free cash flow conversion
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6 — Q4 highlights1 1 Comparisons versus prior-year quarter. All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under U.S. GAAP, including reconciliations of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income, income from continuing operations to Adjusted Income from Continuing Operations, diluted earnings per share to Adjusted Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share Excluding Amortization Expense. 2 Unless otherwise noted, earnings are reported on a diluted-share basis and exclude amortization expense. sales volumes increased 3% led by LS and PC; pricing increased 2% and covered raw-material cost inflation +4 % $498 MM adjusted EBITDA % (60) bps record LS and near- record PC margins, Intermediates margin expansion, offset by lower SA output adjusted EPS2 +4 % $1.12 higher EBITDA and lower D&A support EPS growth alongside improved capital returns adjusted EBITDA +2 % $121 MM double-digit growth in LS, PC, and Intermediates, partially offset by lower SA plant performance double-digit EBITDA growth across three businesses 24.3 %
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7 — LS and PC lead growth; margin gains across three businesses 36% 30% 15% 18% 24% life sciences personal care specialty additives intermediates Ashland margin expansion across LS, PC, and Intermediatesglobalize and innovate strengthen commercial performance 1 Adjusted EBITDA Margin. See Appendices A & B for additional detail. Some totals may not add due to rounding. 2 Merchant sales represents ~70% of Intermediates. 2 adjusted EBITDA margin comparisons versus prior-year quarter 2 2 2 +380 bps +160 bps (680) bps +300 bps (60) bps 4% 8% 0% 0% 4% life sciences personal care specialty additives intermediates Ashland
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8 — FY26: stronger foundation for growth and execution commercial strength strategy delivering execution + financial strength ~6% second-half sales growth y/y second-half sales increased approximately 6% year over year Life Sciences + Personal Care strong growth and profitability Coatings + Performance Specialties commercial performance strengthened as the year progressed globalize $26MM incremental sales vs. $20MM target innovate $26MM incremental sales vs. $15MM target strategies exceeded FY26 targets deep customer engagement and successful commercialization supported outperformance manufacturing Calvert City outage recovered focus now on increasing Hopewell output and productivity $232MM ongoing free cash flow lower working capital strengthened financial flexibility FY27 focus • sustain commercial momentum • scale globalize and innovate • improve manufacturing productivity • expand earnings and cash flow
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9 Q4 financial results and business unit reviews
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10 — fiscal-fourth quarter adjusted results1 ($US in millions, except percentages) Q4 FY26 Q4 FY25 change sales $498 $478 +4 % gross profit margin 36.5 % 35.8 % +70 bps SG&A / R&D costs / intangible amortization $109 $102 +7 % operating income $77 $71 +8 % EBITDA $121 $119 +2 % EBITDA margin 24.3 % 24.9 % (60) bps EPS (excluding acquisition amortization)2 $1.12 $1.08 +4 % ongoing Free Cash Flow3 $74 $52 +42 % Ashland adjusted results summary1 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under U.S. GAAP, including reconciliations of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income, income from continuing operations to Adjusted Income from Continuing Operations, diluted earnings per share to Adjusted Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share Excluding Amortization Expense. 2 Unless otherwise noted, earnings are reported on a diluted-share basis. 3 Ongoing Free Cash Flow defined as total cash flow provided by operating activities, less adjustments to property, plant, and equipment and excluding any inflows or outflows related to U.S. and Foreign Accounts Receivable Sales Program, restructuring-related payments, and environmental and related litigation payments.
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11 — life sciences ($US in millions, except percentages) Q4 FY26 Q4 FY25 change sales $180 $173 +4 % gross profit $78 $68 +15 % gross profit margin 43.3% 39.3% +400 bps operating income $50 $41 +22 % EBITDA $64 $55 +16 % EBITDA margin 35.6 % 31.8 % +380 bps Q4 FY26 year-over-year sales vs. prior-year2 (HSD/MSD/LSD = high, mid or low single-digit %. DD = double-digit %) 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under GAAP, including reconciliations of net income to EBITDA and adjusted EBITDA, operating income to adjusted operating income. adjusted results summary1 highlights o sixth consecutive quarter of year-over-year pharma volume growth o broad-based performance across major regions and technology platforms o globalize and innovate supporting growth and adoption of higher-value offerings o pricing covering cost inflation o strong volumes, favorable mix, pricing and cost performance drive record Adjusted EBITDA margin pharma nutrition & other +MSD -LSD
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12 — intermediates ($US in millions, except percentages) Q4 FY26 Q4 FY25 change sales $33 $33 NM gross profit $7 $5 +40 % gross profit margin 21.2% 15.2% +600 bps operating income $4 $2 +100 % EBITDA $6 $5 +20 % EBITDA margin 18.2 % 15.2 % +300 bps adjusted results summary1 merchant captive 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under GAAP, including reconciliations of net income to EBITDA and adjusted EBITDA, operating income to adjusted operating income. Q4 FY26 year-over-year sales vs. prior-year 2 (HSD/MSD/LSD = high, mid or low single-digit %. DD = double-digit %) -DD+MSD highlights o merchant sales increased 4%, reflecting favorable mix despite lower volumes o continued strength in NMP o pricing covering cost inflation o favorable merchant mix, pricing, and cost performance drive 300 bps of margin expansion o new customer wins provide additional FY27 growth opportunity
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13 — personal care highlights o broad-based growth across the portfolio and regions drives 8% sales increase o double-digit growth in biofunctional actives and microbial protection o strong care ingredients sales increase, led by double-digit growth in hair care and high- single-digit growth in skin o pricing covering cost inflation o higher volumes, favorable mix and disciplined execution support 30+% EBITDA margins skin care hair care oral care, household ($US in millions, except percentages) Q4 FY26 Q4 FY25 change sales $163 $151 +8 % gross profit $70 $64 +9 % gross profit margin 42.9% 42.4% +50 bps operating income $35 $28 +25 % EBITDA $49 $43 +14 % EBITDA margin 30.1 % 28.5 % +160 bps adjusted results summary1 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under GAAP, including reconciliations of net income to EBITDA and adjusted EBITDA, operating income to adjusted operating income. Q4 FY26 year-over-year sales vs. prior-year 2 (HSD/MSD/LSD = high, mid or low single-digit %. DD = double-digit %) +HSD +DD -LSD
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14 — specialty additives highlights o strong growth and share gains in coatings and performance specialties across regions o China delivered third consecutive quarter of year- over-year sales growth o soft energy & resources end markets; lower construction reflects portfolio actions o pricing covering cost inflation o Hopewell margins impacted as expected; key process gaps addressed, with focus now on increasing output and productivity ($US in millions, except percentages) Q4 FY26 Q4 FY25 change sales $131 $131 NM gross profit $27 $34 (21) % gross profit margin 20.6% 26.0% (540) bps operating income $5 $12 (58) % EBITDA $20 $29 (31) % EBITDA margin 15.3 % 22.1 % (680) bps adjusted results summary1 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under U.S. GAAP, including reconciliations of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income. Q4 FY26 year-over-year sales vs. prior-year 2 (HSD/MSD/LSD = high, mid or low single-digit %. DD = double-digit %) coatings performance spec. construction, energy +HSD +DD -DD
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15 strategic priorities & outlook
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16 — execute: manufacturing productivity execute priorities FY26: • ~$15MM from VP&D optimization and ~$3MM from small plant consolidation • HEC network consolidated, productivity performance below expectations FY27: • ~$10MM of incremental manufacturing optimization benefits • improve HEC network productivity and output • longer term operations productivity focus and momentum
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17 — globalize & innovate: exceeded FY26 growth targets +$20 million incremental FY26 sales target +$26 million incremental FY26 sales +$15 million incremental FY26 sales target +$26 million incremental FY26 sales target FY26 actual target FY26 actual Innovate: strong commercialization and customer adoption across differentiated technologies Globalize: expanded regional capabilities, deeper customer engagement and growth across higher-value applications 1 incremental impact by FY27 ahead of plan building the FY27 foundation: broad commercial traction provides momentum entering FY27 ahead of plan
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18 — FY27 outlook: commercial momentum and improving operating performance forward looking insights key market factors • resilient demand in Life Sciences and Personal Care • commercial momentum in Coatings and Performance Specialties; other segments remain soft • Intermediates energy-storage customer wins expected to ramp during FY27 • scaling globalize and innovate initiatives to drive profitable growth • pricing actions expected to offset raw-material and freight inflation • stronger U.S. dollar creates a sales and EBITDA headwind strategic priorities • execute: ~$10 million of incremental cost savings and productivity improvements • globalize: ~$20 million of incremental sales • innovate: ~$45 million of incremental innovation-driven sales 1 Ongoing Free Cash Flow defined as total cash flow provided by operating activities, less adjustments to property, plant, and equipment and excluding any inflows or outflows related to U.S. and Foreign Accounts Receivable Sales Program, restructuring- related payments, and environmental and related litigation payments. •key outlook variables • global demand and geopolitical uncertainty • pace of Hopewell productivity improvement • continued Coatings and Performance Specialties momentum • timing of new Intermediates energy-storage customer volumes • maintain pricing discipline to offset raw material and freight inflation • FX volatility FY27 outlook • sales: $1,905 – $1,975MM • adj. EBITDA: $405 – $435MM • ongoing FCF conversion1: 40+% of adj. EBITDA; up to ~$140M capex
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19 — innovation platforms: advancing commercialization 1 technology validation patent-protected, tunable platforms 2 customer validation strong engagement and positive beta-site feedback 3 manufacturing ®ulatory capabilities established; pathways advancing 4 commercial launch products launched across all platforms 5 scale & expand broader applications, customers and markets focus now: commercialization, customer adoption and disciplined scaling 7 scalable technology platforms 50+ patents filed 23 product launches 12 launches since May 2025 seven platforms create multiple paths to growth across Pharma, Personal Care and Coatings validated technology + customer traction + existing infrastructure = capital-efficient commercialization
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20 — CEO priorities execution • safety • expand market positions • pricing to offset inflation • improve plant operating performance • cash generation and disciplined capital allocation disciplined execution, productivity, innovation & ownership drive Ashland’s FY27 priorities strategic • drive globalize initiatives • accelerate innovation commercialization • strengthen productivity culture • develop talent & organizational capability • drive leadership ownership & accountability
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21 Guillermo Novo, Chair and CEO closing comments
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22 — thank you Q&A
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24 appendix A: adjusted results summary and balance sheet
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25 — Q4 adjusted results summary1 1 All figures are presented on an adjusted basis except Sales and Diluted share count (million shares). Appendix B reconciles adjusted amounts to amounts reported under U.S. GAAP, including reconciliations of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income, income from continuing operations to Adjusted Income from Continuing Operations, diluted earnings per share to Adjusted Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share Excluding Amortization Expense. ($US in millions, except percentages and per share data) Q4 FY26 Q4 FY25 change sales $498 $478 +4% gross profit $182 $171 +6 % gross profit margin 36.5 % 35.8 % +70 bps SG&A / R&D costs / intangibles amort. $109 $102 +7 % operating income $77 $71 +8 % depreciation & amortization $45 $49 (8) % EBITDA $121 $119 +2 % EBITDA Margin 24.3 % 24.9 % (60) bps net interest and other expense $12 $15 (20) % effective tax rate 36% 33% +300 bps income from continuing operations $41 $37 +11 % Income from Continuing Operations Excluding Intangibles Amortization $52 $50 +4 % diluted share count (million shares) 46 46 NM EPS (excluding intangibles amortization) $1.12 $1.08 +4 %
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26 — Q4 business unit consolidation1 ($US in millions, except percentages) life sciences personal care specialty additives Intermediates intercompany eliminations2 unallocated and other3 Ashland sales $180 $163 $131 $33 ($9) - $498 gross profit $78 $70 $27 $7 $182 gross profit margin 43.3% 42.9% 20.6% 21.2% 36.5% EBITDA $64 $49 $20 $6 - ($18) $121 EBITDA Margin 35.6 % 30.1 % 15.3 % 18.2 % - - 24.3 % 1 All figures are presented on an adjusted basis except Sales. Appendix B reconciles adjusted amounts to amounts reported under U.S. GAAP, including reconciliations of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income, income from continuing operations to Adjusted Income from Continuing Operations and diluted earnings per share to Adjusted Diluted Earnings Per Share. 2 Intercompany sales from intermediates to all other segments recorded at market pricing and are eliminated in consolidation. 3 Unallocated and other includes legacy costs plus corporate governance (finance, legal, executive, etc.).
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27 — liquidity and net debt 1 Total liquidity of $976 million from all sources. 2 Term SOFR benchmark rate to include 10 bps credit adjustment spread on USD 1-, 3-, and 6-month borrowings. 3 Includes $8 million of debt issuance cost discounts as of September 30, 2026. ($US in millions) expiration interest rate Moody’s rating S&P rating 9/30/26 balance cash $480 revolver availability 496 cash and revolver availability1 $976 US and foreign A/R sales program1 - debt 2.00% notes (EUR) Jan. 2028 2.000% Ba2 BB $566 3.375% notes Sept. 2031 3.375% Ba2 BB 450 6.875% notes May 2043 6.875% Ba2 BB 282 6.50% junior subordinated notes Jun. 2029 6.500% B2 BB 77 revolving credit facility2 July 2027 Term SOFR+137.5 - - - other3 - - - (4) total debt Ba2/stable BB/stable $1,371 cash (480) net debt $891
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28 — strong balance sheet & capital allocation strategy 1 All figures as of September 30, 2026 2 Ongoing Free Cash Flow defined as total cash flow provided by operating activities, less adjustments to property, plant, and equipment and excluding any inflows or outflows related to U.S. and Foreign Accounts Receivable Sales Program, restructuring-related payments, and environmental and related litigation payments. 3 Calendar year dividend payments. Dividends prior to June 15, 2017 are adjusted for the Valvoline separation. 4 CAGR = Compound annual growth rate from December 31, 2011 – December 31, 2026 strong balance sheet1 o cash and liquidity available of ~$0.98 billion o net debt of $891 million; net leverage of 2.3x o next significant long-term debt maturity: January 2028 o balanced maturity schedule healthy ongoing Free Cash Flow2 generation o LTM Ongoing Free Cash Flow2 of $232 million o continued discipline in working capital management share repurchases under $1 billion authorization o $520 million remains under the current authorization o Total repurchases of $480 million / ~5.8 million shares other long-term capital allocation priorities o FY27 capex = up to $140 million o increased flexibility to pursue future M&A strategy o fund innovation, global expansion, and productivity programs annual dividend3 increase every year since 2009strong balance sheet and balanced capital allocation $0.26 $0.33 $0.42 $0.61 $0.67 $0.74 $0.76 $0.87 $0.98 $1.08 $1.10 $1.18 $1.31 $1.49 $1.60 $1.64 $1.67 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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29 appendix B: non-GAAP reconciliation1 1 Although Ashland provides forward looking guidance for Adjusted EBITDA in this presentation, Ashland is not reaffirming or provi ding forward-looking guidance for U.S. GAAP reported financial measures or a reconciliation of forward -looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasona ble effort.
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30 — Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data for the 12 Months Ended September 30, 2026 ($ millions, except percentages) Q4 26 Q3 26 Q2 26 Q1 26 Total Q4 25 Life Sciences 180 180 172 139 671 173 Personal Care 163 155 150 123 591 151 Specialty Additives 131 136 134 102 503 131 Intermediates 33 37 35 31 136 33 Less: Intercompany Eliminations (9) (11) (9) (9) (38) (10) Total 498 497 482 386 1,863 478 Adjusted EBITDA1 Q4 26 Q3 26 Q2 26 Q1 26 Total Adjusted EBITDA Margin Q4 25 Life Sciences 64 60 50 31 205 30.6% 55 Personal Care 49 45 43 26 163 27.6% 43 Specialty Additives 20 20 16 15 71 14.1% 29 Intermediates 6 4 5 1 16 11.8% 5 Unallocated (18) (20) (16) (15) (70) (13) Total 121 109 98 58 385 20.7% 119 1 Quarterly totals may not add to annual amounts due to rounding. Calculation of Adjusted EBITDA for each period presented ha ve been reconciled within certain financial filings with the SEC and posted on Ashland's website for each reportable segment
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31 — Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended September 30, 2026 In millions - preliminary and unaudited ($ millions) (a) Represents the tax effect of the key items that are previously identified above. (b) Represents key items resulting from tax specific financial transactions, tax law changes or other matters that fall within the definition of tax specific key items. See slides 37 & 38 for additional information. OPERATING INCOME (LOSS) Operating key items: Asset impairments $ (16) $ - $ (2) $ - $ - $ (18) Argentina liquidation cumulative translation adjustment - - - - (13) (13) Restructuring, separation and other costs - - - - (9) (9) Environmental reserve adjustments - - - - (5) (5) Other plant optimization costs (1) - (2) - - (3) All other operating income (loss) 50 35 5 4 (17) 77 Operating income (loss) 33 35 1 4 (44) 29 NET INTEREST AND OTHER EXPENSE Key items 9 9 All other net interest and other expense 12 12 21 21 OTHER NET PERIODIC BENEFIT INCOME Key items (2) (2) All other net periodic benefit loss 1 1 (1) (1) INCOME TAX EXPENSE Tax effect of key items (a) (4) (4) Tax specific key items (b) 7 7 All other income tax expense 23 23 26 26 (LOSS) INCOME FROM CONTINUING OPERATIONS $ 33 $ 35 $ 1 $ 4 $ (90) $ (17) Three Months Ended September 30, 2026 Intermediates Unallocated and other TotalPersonal CareLife Sciences Specialty Additives
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32 —($ millions) Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended September 30, 2025 In millions - preliminary and unaudited OPERATING INCOME (LOSS) Operating key items: Other plant optimization costs $ (2) $ (1) $ (7) $ - $ - $ (10) Restructuring, separation and other costs - - - - (4) (4) Nutraceutical business sale - - - - (1) (1) Environmental reserve adjustments - - - - (1) (1) Accelerated depreciation - (1) - - - (1) Tax credit - - - - 3 3 Income on divestitures, net - - - - 4 4 All other operating income (loss) 41 28 12 2 (12) 71 Operating income (loss) 39 26 5 2 (11) 61 NET INTEREST AND OTHER EXPENSE Key items (15) (15) All other net interest and other expense 15 15 - - OTHER NET PERIODIC BENEFIT LOSS Key items (4) (4) All other net periodic benefit loss 1 1 (3) (3) INCOME TAX EXPENSE Tax effect of key items(a) 2 2 Tax specific key items (b) 11 11 All other income tax expense 18 18 31 31 INCOME (LOSS) FROM CONTINUING OPERATIONS $ 39 $ 26 $ 5 $ 2 $ (39) $ 33 (a) Represents the tax effect of the key items that are previously identified above. (b) TotalPersonal Care IntermediatesSpecialty Additives Unallocated and other Represents key items resulting from tax specific financial transactions, tax law changes or other matters that fall within the definition of tax specific key items. See slides 37 & 38 for additional information. Three Months Ended September 30, 2025 Life Sciences
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33 — Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Free Cash Flow and Adjusted Operating Income for the 3 and 12 Months Ended September 30, 2026 and 2025 ($ millions) Free cash flows Total cash flows provided by operating activities from continuing operations $ 90 $ 40 $ 385 $ 134 Adjustments: Additions to property, plant and equipment (37) (34) (88) (98) Free Cash Flows $ 53 $ 6 $ 297 $ 36 Tax refund(a) - - (103) - Cash (inflows) outflows from U.S. Accounts Receivable Sales Program(b) - 1 (9) 12 Cash (inflows) outflows from Foreign Accounts Receivable Sales Program(c) 3 19 (9) 6 Restructuring-related payments(d) 6 11 23 34 Environmental and related litigation payments(e) 12 15 33 39 Ongoing Free Cash Flow $ 74 $ 52 $ 232 $ 127 Net (loss) income $ (16) $ 32 $ 4 $ (845) Adjusted EBITDA(f) $ 121 $ 119 $ 385 $ 401 Operating Cash Flow Conversion(g) 125% 9,625% Ongoing Free Cash Flow Conversion(h) 61% 44% 60% 32% (a) Represents receipt of tax refund related to the capital loss carryback from the Nutraceutical business sale. (b) Represents activity associated with the U.S. Accounts Receivable Sales Program impacting each period presented. (c) Represents activity associated with the Foreign Accounts Receivable Sales Program impacting each period presented. (d) Restructuring payments incurred during each period presented. (e) Represents cash outflows associated with environmental and related litigation payments which will be reimbursed by the Environmental trust. (f) See Adjusted EBITDA reconciliation. (g) Operating Cash Flow Conversion is defined as Cash flows provided by operating activities from continuing operations divided by net (loss) income. (h) Ongoing Free Cash Flow Conversion is defined as Ongoing free cash flow divided by Adjusted EBITDA Adjusted Operating Income Operating income (loss) (as reported) $ 29 $ 61 $ 105 $ (775) Key items, before tax: Environmental reserve adjustments 5 1 33 34 Restructuring, separation and other costs 9 4 23 22 Other plant optimization costs 3 10 21 22 Asset impairments 18 - 18 - Argentina liquidation cumulative translation adjustment 13 - 13 - Accelerated depreciation - 1 5 41 Goodwill impairment - - - 706 Avoca business impairment and sale - - - 175 Nutraceutical business impairment and sale - 1 - 1 Held for sale depreciation and amortization - - - (2) Income on divestitures, net - (4) (2) (14) Tax credit - (3) (8) (3) Adjusted Operating Income (non-GAAP) $ 77 $ 71 $ 208 $ 207 2026 2025 Three months ended 2026 2025 September 30 September 30 Year ended Year ended 2026 2025 Three months ended 2026 2025 September 30 September 30 Not meaningfulNot meaningful
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34 —($ millions) Ashland Inc. Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 12 Months Ended September 30, 2026 and 2025 Adjusted EBITDA - Ashland Inc. Net income (loss) $ 4 $ (845) Income tax expense 44 13 Net interest and other expense 40 33 Depreciation and amortization(a) 180 198 EBITDA 268 (601) Income (loss) from discontinued operations, net of income taxes 21 23 Key items included in EBITDA: Environmental reserve adjustments 33 34 Restructuring, separation and other costs 23 22 Other plant optimization costs 21 22 Asset impairments 18 - Argentina liquidation cumulative translation adjustment 13 - Accelerated depreciation 5 41 Goodwill impairment - 706 Avoca business impairment and sale - 175 Nutraceutical business impairment and sale - 1 Held for sale depreciation and amortization - (2) Income on divestitures, net (2) (14) Tax credit (8) (3) Gain on pension and other postretirement plan remeasurements(b) (7) (3) Adjusted EBITDA(b) $ 385 $ 401 Year ended September 30 2026 2025
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35 — Life Sciences and Personal Care Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended September 30, 2026 and 2025 ($ millions) Three months ended September 30 2026 2025 (a) Depreciation and amortization excludes accelerated depreciation expense of $1 million for Personal Care for the three months ended September 30, 2025, which is included as a key item within this table as a component of Adjusted EBITDA. Adjusted EBITDA - Life Sciences Operating income $ 33 $ 39 Add: Depreciation and amortization 14 14 Operating key items (see slides 31 & 32) 17 2 Adjusted EBITDA $ 64 $ 55 Adjusted EBITDA - Personal Care Operating income $ 35 $ 26 Add: Depreciation and amortization(a) 14 15 Operating key items (see slide 32) - 2 Adjusted EBITDA $ 49 $ 43
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36 — Specialty Additives and Intermediates Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended September 30, 2026 and 2025 ($ millions) Three months ended September 30 2026 2025Adjusted EBITDA - Specialty Additives Operating income $ 1 $ 5 Add: Depreciation and amortization 15 17 Operating key items (see slides 31 & 32) 4 7 Adjusted EBITDA $ 20 $ 29 Adjusted EBITDA - Intermediates Operating income $ 4 $ 2 Add: Depreciation and amortization 2 3 Adjusted EBITDA $ 6 $ 5
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37 — Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Adjusted Income from Continuing Operations for the 3 and 12 Months Ended September 30, 2026 and 2025 ($ millions) (Loss) income from continuing operations (as reported) $ (17) $ 33 $ 25 $ (822) Key items, before tax: Environmental reserve adjustments 5 1 33 34 Restructuring, separation and other costs 9 4 23 22 Other plant optimization costs 3 10 21 22 Asset impairments 18 - 18 - Argentina liquidation cumulative translation adjustment 13 - 13 - Accelerated depreciation - 1 5 41 Goodwill impairment - - - 706 Avoca business impairment and sale - - - 175 Nutraceutical business impairment and sale - 1 - 1 Held for sale depreciation and amortization - - - (2) Income on divestitures, net - (4) (2) (14) Tax credit - (3) (8) (3) Unrealized (gains) losses on securities 9 (15) (9) (20) Gain on pension and other postretirement plan remeasurements (2) (4) (7) (3) Key items, before tax 55 (9) 87 959 Tax effect of key items(a) (4) 2 (14) (62) Key items, after tax 51 (7) 73 897 Tax specific key items: Valuation allowance 7 8 7 9 Other and tax reform related activity - 3 - 22 Tax specific key items(b) 7 11 7 31 Total key items 58 4 80 928 Adjusted Income from Continuing Operations (non-GAAP) $ 41 $ 37 $ 105 $ 106 Intangibles amortization expense adjustment (net of tax)(c) 11 13 48 51 Adjusted Income from Continuing Operations (non-GAAP) Excluding Intangibles Amortization Expense $ 52 $ 50 $ 153 $ 157 2026 2025 Year ended 2026 2025 Three months ended September 30 September 30 (a) Represents the tax effect of the key items that are previously identified above. (b) Represents key items resulting from tax specific financial transactions, tax law changes or other matters that fall within the de finition of tax specific key items. These tax specific key items included the following: - Valuation allowance: Includes the impact from the release of certain foreign tax credit valuation allowances. - Other and tax reform: Includes the impact from the remeasurement of foreign deferred tax balances resulting from the impact from rate changes for foreign jurisdictions and other tax law changes enacted during the year ended September 30, 2025. (c) Intangibles amortization expense adjustment (net of tax) tax rates were 20% for the three months and years ended September 30, 2026 and 2025.
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38 — Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Adjusted Diluted EPS from Continuing Operations for the 3 and 12 Months Ended September 30, 2026 and 2025 Diluted EPS from continuing operations (as reported) $ (0.36) $ 0.73 $ 0.55 $ (17.74) Key items, before tax: Environmental reserve adjustments 0.11 0.02 0.72 0.76 Restructuring, separation and other costs 0.20 0.09 0.50 0.48 Other plant optimization costs 0.06 0.23 0.46 0.48 Asset impairments 0.38 - 0.38 - Argentina liquidation cumulative translation adjustment 0.28 - 0.28 - Accelerated depreciation - 0.02 0.10 0.89 Goodwill impairment - - - 15.22 Avoca business impairment and sale - - - 3.75 Nutraceutical business impairment and sale - 0.02 - 0.02 Held for sale depreciation and amortization - - - (0.04) Income on divestitures, net - (0.09) (0.04) (0.30) Tax credit - (0.07) (0.17) (0.07) Unrealized (gains) losses on securities 0.20 (0.33) (0.19) (0.42) Gain on pension and other postretirement plan remeasurements (0.05) (0.09) (0.16) (0.07) Key items, before tax 1.18 (0.20) 1.88 20.70 Tax effect of key items(a) (0.08) 0.04 (0.31) (1.37) Key items, after tax 1.10 (0.16) 1.57 19.33 Tax specific key items: Valuation allowance 0.15 0.17 0.15 0.21 Other and tax reform related activity - 0.07 - 0.48 Tax specific key items(b) 0.15 0.24 0.15 0.69 Total key items 1.25 0.08 1.72 20.02 Adjusted Diluted EPS from Continuing Operations (non-GAAP) $ 0.89 $ 0.81 $ 2.27 $ 2.28 Intangibles amortization expense adjustment (net of tax)(c) 0.23 0.27 1.04 1.10 Adjusted Diluted EPS from Continuing Operations (non-GAAP) Excluding Intangibles Amortization Expense $ 1.12 $ 1.08 $ 3.31 $ 3.38 September 30 September 30 2025 2026 20252026 Three months ended Year ended (a) Represents the tax effect of the key items that are previously identified above. (b) Represents key items resulting from tax specific financial transactions, tax law changes or other matters that fall within the definition of tax specific key items. These tax specific key items included the following: - Valuation allowance: Includes the impact from the release of certain foreign tax credit valuation allowances. - Other and tax reform: Includes the impact from the remeasurement of foreign deferred tax balances resulting from the impact f rom rate changes for foreign jurisdictions and other tax law changes enacted during the year ended September 30, 2025. (c) Intangibles amortization expense adjustment (net of tax) tax rates were 20% for the three months and years ended September 30, 2026 and 2025 .