Slides
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Fiscal 2026 Third - Quarter Business Update // Aug. 6 , 2026 COMPASS MINERALS
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Forward-Looking Statements and Other DisclaimersThis presentation may contain forward-looking statements, including, without limitation,statements about future costs, production, debt reduction, shareholder value, and thecompany's outlook for 2026, including its expectations regarding sales volumes, revenue,Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, tax rates, andcapital expenditures. Forward-looking statements are those that predict or describe futureevents or trends and that do not relate solely to historical matters. The company uses wordssuch as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,”“intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similar expressions suggestingfuture outcomes or events to identify forward-looking statements or forward-lookinginformation. These statements are based on the company’s current expectations and involverisks and uncertainties that could cause the company’s actual results to differ materially. Thedifferences could be caused by a number of factors, including without limitation (i) weatherconditions, (ii) inflation, the cost and availability of transportation for the distribution of thecompany’s products and foreign exchange rates, (iii) pressure on prices and impact fromcompetitive products, and (iv) any inability by the company to successfully implement itsstrategic priorities or its cost-saving or enterprise optimization initiatives. For furtherinformation on these and other risks and uncertainties that may affect the company’sbusiness, see the “Risk Factors” and “Management’s Discussion and Analysis of FinancialCondition and Results of Operations” sections of the company’s Annual Report on Form 10-Kfor the period ended September 30, 2025, and its Quarterly Reports on Form 10-Q for thequarters ended December 31, 2025, March 31, 2026 and June 30, 2026, filed or to be filedwith the SEC, as well as the company's other SEC filings. The company undertakes noobligation to update any forward-looking statements made in this press release to reflectfuture events or developments, except as required by law. Because it is not possible topredict or identify all such factors, this list cannot be considered a complete set of all potentialrisks or uncertainties. 2
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Fiscal 2026 Third-Quarter Results
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4 Fiscal 2026 Third-Quarter Overview 4 • Net loss of $5.7 million for the third quarter of 2026, compared to a net loss of $17.0 million in the prior-year period• Total company Adjusted EBITDA for the third quarter of 2026 of $39.9 million, compared with $41.0 million in the prior-year period• Operating income and Adjusted EBITDA margins within the Salt business declined compared to the prior-year period, driven principally by higher per-unit product costs and distribution costs year over year• Continued improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and Adjusted EBITDA on both absolute and per-ton basis• Total debt (defined as long-term debt, net of current) declined 13% from the prior-year period to $716.6 million as of June 30, 2026, while net debt decreased $85.6 million, or 11%, to $660.3 million over the same period• Mid-point of full-year 2026 guidance for total company Adjusted EBITDA was raised within modified range of $218 million to $242 million, reflecting stronger-than-expected results in the Plant Nutrition segment and adjustments in the Salt segment related to mix dynamics, inflationary pressures and the pace of operational improvements.1 Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income (loss), the most directly comparable GAAP financial measure.
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Third-Quarter Fiscal 2026 Consolidated Results 1 Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income, the most directly comparable GAAP financial measure.$199 $206 $199 $233 0.0%10.0%20.0%30.0%40.0%$0$50$100$150$200$250September 30,2023September 30,2024September 30,2025June 30, 2026Adjusted EBITDAAdjusted EBITDA MarginHistorical TTM Adjusted EBITDA1 and Margin(millions) 53Q25 3Q263Q26 Adjusted EBITDA1(in millions)$3.6$41.0$39.9$2.2($6.9)Salt Plant NutritionCorp. & Other3Q26Consolidated Results0.3%Revenue (y-o-y)-3%Adjusted EBITDA1 (y-o-y)18.5%Adjusted EBITDA1 marginThird-Quarter Fiscal 2026 Summary•Salt segment profitability declined year over year, driven by higher per-unit production and distribution costs and lower sales volumes, partially offset by continued pricing gains across both Highway and Consumer & Industrial markets•Plant Nutrition delivered another strong quarter, with Adjusted EBITDA increasing 32% to $15.0 million on improved pricing, lower per-unit costs, and ongoing cost structure improvements•S&P upgraded Compass Minerals' corporate credit rating to B+, reflecting debt reduction efforts, improved profitability, and a stronger financial profile
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6 %Δ3Q253Q26($ in millions)5%$166.0$173.9Revenue-15%$45.6$38.9Adj. EBITDA1-5.2 pts27.6%22.4%Adj. EBITDA1margin+9%$108/ton$117/tonAverage price per tonThird-Quarter Fiscal 2026 Summary•Revenue increased 5% to $173.9M, segment pricing was up 9% overall, with Highway pricing up 8% and C&I pricing up 6% respectively•Operating earnings declined 25% and Adjusted EBITDA1declined 15%, reflecting lower Highway sales volumes and higher per-unit production and distribution costs•Year-to-date revenue increased 6% to $888.0M, supported by stronger pricing and favorable deicing season demand•Year-to-date operating earnings increased 9% and Adjusted EBITDA1increased 6%, though cost inflation and regional mix limited margin expansion Third-Quarter 2026 Salt ResultsSales Volumes(in thousands of short tons)$230.5 $228.2 $220.7 $230.9 10.0%20.0%30.0%40.0%$0.0$50.0$100.0$150.0$200.0$250.0September 30,2023September 30,2024September 30,2025June 30, 2026EBITDAEBITDA MarginHistorical TTM Adjusted EBITDA1 and Margin(millions) 1 Non-GAAP financial measure. See appendix for reconciliation to operating earnings, the most directly comparable GAAP financial measure. 1,0741,144Highway3Q263Q25411400Consumer &Industrial
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55683Q26 3Q25$43.8 $18.0 $34.9 $58.2 0.0%10.0%20.0%30.0%40.0%50.0%$0.0$20.0$40.0$60.0$80.0September 30,2023September 30,2024September 30,2025June 30, 2026EBITDAEBITDA Margin%Δ3Q253Q26($ in millions)-16%$44.8$37.6Revenue32%$11.4$15.0Adj. EBITDA1+14.4 pts25.4%39.9%Adj. EBITDA1margin+4%$659/ton$687/tonAverage price per ton 7 Third-Quarter 2026 Plant Nutrition Results (millions)1 Non-GAAP financial measure. See appendix for reconciliation to operating earnings, the most directly comparable GAAP financial measure. Sales Volumes(in thousands of short tons)Historical TTM Adjusted EBITDA1 and MarginThird-Quarter Fiscal 2026 Summary•Operating earnings increased 50% to $7.8M, despite a 19% decline in sales volumes, attributable to the Wynyard SOP asset sale in Q2. Excluding the impacts of the Wynyard sale, sales volumes increased approximately 4% year over year. •Plant Nutrition Adjusted EBITDA1improved 32% year-over year up to $15.0 million•Lower product and distribution costs per unit supported margin expansion
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Charting a Prudent Financial Path Forward•Net debt1declined 11% year over year as of June 30, 2026•Net debt to trailing twelve-month Adjusted EBITDA stands at 2.8x at June 30, 2026, down from 4.3x the year prior•Strong liquidity & attractive debt maturity profileo$328.1 million in liquidity as of March 31, 2026, comprised of $56.3 million in cash and $271.8 million available under revolving credit agreement1Total net debt defined as sum of current portion of long-term debt and long-term debt, net of current portion less cash and cash equivalents2As of June 30, 2026 $43 $650 2025 2026 2027 2028 2029 2030Fiscal year 8Debt Maturity Profile2 (in millions)$746 $660 $500 $550 $600 $650 $700 $750 $80006/30/25 06/30/26Total Net Debt1(in millions)Down 11%
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Outlook & Guidance
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Salt Outlook and GuidanceLong-Term Attributes• Resilient, recession-resistant demand profile• Difficult to replicate asset base with important logistical advantagesoNew mine development rarely economically feasibleoConvenient access to water transportationoExtensive depot network• Attractive marketsoHighway deicing in North America and the U.K. oConsumer & Industrial in North AmericaSalt Guidance2026Current GuidancePrevious Guidance8,8008,6008,8008,450Highway sales volumes (thousands of tons)2,0001,9002,0001,900Consumer and industrial sales volumes (thousands of tons)10,80010,50010,80010,350Total salt sales volumes (thousands of tons)$1,090$1,053$1,080$1,025Revenue (in millions)$236$225$240$225Adjusted EBITDA (in millions) Salt3Q26 Update to Guidance• Adjusted EBITDA narrowed primarily driven by mix headwinds, inflationary cost pressures, and a more measured realization of operational improvements 10
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Plant Nutrition Outlook and GuidanceLong-Term Attributes• Largest producer of SOP in the Western Hemisphere• Unique solar evaporation asset in Ogden, Utah provides competitive advantagesoWell positioned to serve specialty crops, particularly on the U.S. West Coast oStrategic forward-deploy warehouse network• Attractive marketsoHigh-value and chloride-sensitive crops in North AmericaoDiversified end markets insulated from the volatility of commodity row crops in North AmericaPlant Nutrition Guidance2026Current GuidancePrevious Guidance300290300280Sales volumes (thousands of tons)$209$200$210$190Revenue (in millions)$57$49$47$43Adjusted EBITDA (in millions) Plant Nutrition3Q26 Update to Guidance• Adjusted EBITDA reflects higher sales volumes, stronger pricing, and improved cost profile• Operational improvement initiatives allowing for more consistent production profile at the Ogden business• Guidance reflects the sale of Wynyard business in March of 20261111
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Consolidated Guidance Summary 2026 Adjusted EBITDA Range(in millions)$236$225Salt5749Plant Nutrition(51)(56)Corporate$242$218TOTAL2026 Capital Expenditure Range(in millions)$110$90TOTALOther Consolidated Modeling Information(in millions of dollars unless otherwise noted)2026 Range$67$62Interest expense, net$115$105Depreciation, depletion and amortization31%27%Effective tax rate (excl. valuation allowance and impairments)11Guidance for the 2026 effective income tax rate reflects the income tax mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.12
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Appendix
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141 There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred taxes. Applicable product recall costs reflect an impact from Canadian taxes.2 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025, were $0.2 million and $2.0 million, respectively.3 For the three and nine months ended June 30, 2025, the company incurred severance and related charges of $0.3 million and $4.3 million, respectively, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business4 For the three and nine months ended June 30, 2025, the company recorded a loss on impairments of $0.7 million and $53.7 million, respectively, related to intangible and long-lived assets due to the exit of the Fortress fire retardant business. Special Items Special Items Impacting Three Months Ended June 30, 2025(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description---$0.2---$0.2Product cost and Other operating expense (income)SaltProduct recall costs2 ---0.3---0.3Other operating expense (income)Corporate and OtherRestructuring charges3 0.020.7---0.7Loss on impairmentsCorporate and OtherImpairments4 $0.02$1.2---$1.2TotalSpecial Items Impacting Nine Months Ended June 30, 2025(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$0.03$1.6$(0.4)$2.0Product cost and Other operating expense (income)SaltProduct recall costs2 0.010.3---0.3Other operating expense (income)SaltRestructuring charges3 0.094.0---4.0Other operating expense (income)Corporate and OtherRestructuring charges3 1.3053.7---53.7Loss on impairmentsCorporate and OtherImpairments4 $1.43$59.6$(0.4)$60.0Total
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151 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025, were $0.2 million and $2.0 million, respectively2 For the three and nine months ended June 30, 2025, the company incurred severance and related charges of $0.3 million and $4.3 million, respectively, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business3 For the three and nine months ended June 30, 2025, the company recorded a loss on impairments of $0.7 million and $53.7 million, respectively, related to intangible and long-lived assets due to the exit of the Fortress fire retardant business. Reconciliation of Non-GAAP Information Reconciliation for Adjusted Operating Income(unaudited, in millions)Nine months ended June 30,Three months ended June 30,202520262025202613.3$103.5$15.9$10.9$Operating income2.0---0.2---Product recall costs1 4.3---0.3---Restructuring charges2 53.7---0.7---Loss on impairments3 73.3$103.5$17.1$10.9$Adjusted operating income1,016.41,064.6214.6215.3Sales1.3%9.7%7.4%5.1%Operating margin7.2%9.7%8.0%5.1%Adjusted operating margin
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161 For the three months ended June 30, 2026, the company recorded a gain of $0.1 million related to transaction cost adjustments in connection with the sale of the Wynyard SOP business. For the nine months ended June 30, 2026, the company recorded a loss on sale of the Wynyard SOP business of $14.5 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. 2 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025, were $0.2 million and $2.0 million, respectively.3 For the three and nine months ended June 30, 2025, the company incurred severance and related charges of $0.3 million and $4.3 million, respectively, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business4 For the three and nine months ended June 30, 2025, the company recorded a loss on impairments of $0.7 million and $53.7 million, respectively, related to intangible and long-lived assets due to the exit of the Fortress fire retardant business. Reconciliation of Non-GAAP Information Reconciliation for Adjusted Net (Loss) Income(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2025202620252026(72.6)$25.6$(17.0)$(5.7)$Net (loss) income---14.5---(0.1)(Gain) loss on sale of business, net1 2.0---0.2---Product recall costs2 4.3---0.3---Restructuring charges3 53.7---0.7---Loss on impairments4 (0.4)---------Income tax effect(13.0)$40.1$(15.8)$(5.8)$Adjusted net income (loss)(1.74)$0.59$(0.41)$(0.13)$Net income (loss) per diluted share(0.31)$0.93$(0.39)$(0.14)$Adjusted net income (loss) per diluted shareWeighted-average common shares outstanding (in thousands):41,73842,51241,85942,246Diluted
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171 For the three months ended June 30, 2026, the company recorded a gain of $0.1 million related to transaction cost adjustments in connection with the sale of the Wynyard SOP business. For the nine months ended June 30, 2026, the company recorded a loss on sale of the Wynyard SOP business of $14.5 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. 2 For the nine months ended June 30, 2026, the company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes. For the three and nine months ended June 30, 2025, the company recorded a $7.6 million loss on extinguishment of debt, comprised of a $3.9 million prepayment premium related to the partial redemption of the 2027 Notes and a $3.7 million write-off of unamortized deferred financing costs related to the partial redemption of 2027 Notes and repayment of the term loans.3 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025, were $0.3 million and $2.1 million, respectively.4 For the three and nine months ended June 30, 2025, the company incurred severance and related charges of $0.3 million and $4.3 million, respectively, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business5 For the three and nine months ended June 30, 2025, the company recorded a loss on impairments of $0.7 million and $53.7 million, respectively, related to intangible and long-lived assets due to the exit of the Fortress fire retardant business. Reconciliation of Non-GAAP Information Reconciliation for EBITDA and Adjusted EBITDA(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2025202620252026(72.6)$25.6$(17.0)$(5.7)$Net (loss) income51.250.616.314.6Interest expense22.920.23.46.4Income tax expense76.580.223.225.6Depreciation, depletion and amortization78.0$176.6$25.9$40.9$EBITDAAdjustments to EBITDA:7.37.90.63.4Stock-based compensation – non-cash(0.9)(1.4)(0.3)(0.5)Interest income3.1(7.5)8.4(4.0)(Gain) loss on foreign exchange---14.5---(0.1)(Gain) loss on sale of business, net1 7.60.57.6---Loss on extinguishment of debt2 2.1---0.3---Product recall costs3 4.3---0.3---Restructuring charges4 53.7---0.7---Loss on impairments5 2.01.0(2.5)0.2Other expense (income), net157.2$191.6$41.0$39.9$Adjusted EBITDA
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18 Salt Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables. Salt Segment Performance(in millions, except for sales volumes and prices per short ton)Nine months ended June 30,Three months ended June 30,2025202620252026840.9$888.0$166.0 $173.9 $Sales124.4$135.5$28.1$21.2$Operating income14.8%15.3%16.9%12.2%Operating margin126.7$135.5$28.3$21.2$Adjusted operating income1 15.1%15.3%17.0%12.2% Adjusted operating margin1 176.8$189.3$45.6$38.9$EBITDA1 21.0%21.3%27.5%22.4%EBITDA1margin179.1$189.3$45.8$38.9$Adjusted EBITDA1 21.3%21.3%27.6%22.4%Adjusted EBITDA margin1Sales volumes (in thousands of tons):7,7147,5181,1441,074Highway1,4281,506400411Consumer and industrial9,1429,0241,5441,485Total SaltAverage sales price (per ton):71.52$77.10$77.63$83.74$Highway202.60$204.69$193.26$204.09$Consumer and industrial91.99$98.40$107.54$117.07$Total Salt
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19 Salt Reconciliation of Non-GAAP Information 1 The company incurred severance and related charges of $0.3 million, due to a reduction in workforce, during the nine months ended June 30, 2025.2 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025, were $0.2 million and $2.0 million, respectively. Reconciliation for Salt Segment Adjusted Operating Income(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2025202620252026124.4 $135.5 $28.1 $21.2 $Reported GAAP segment operating income0.3---------Restructuring charges1 2.0---0.2---Product recall costs2 126.7$135.5$28.3$21.2$Segment adjusted operating income840.9888.0166.0173.9Segment sales14.8%15.3%16.9%12.2%Segment operating margin15.1%15.3%17.0%12.2%Segment adjusted operating marginReconciliation for Salt Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2025202620252026124.4 $135.5$28.1 $21.2 $Reported GAAP segment operating income52.453.817.517.7Depreciation, depletion and amortization176.8$189.3$45.6$38.9$Segment EBITDA0.3---------Restructuring charges1 2.0---0.2---Product recall costs2 179.1$189.3$45.8$38.9$Segment adjusted EBITDA840.9888.0166.0173.9Segment sales21.0%21.3%27.5%22.4%Segment EBITDA margin21.3%21.3%27.6%22.4%Segment adjusted EBITDA margin
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20 Plant Nutrition Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables. Plant Nutrition Segment Performance(in millions, except for sales volumes and prices per short ton)Nine months ended June 30,Three months ended June 30,2025202620252026164.5 $165.4$44.8 $37.6 $Sales0.3$20.8$5.2$7.8$Operating income0.2%12.6%11.6%20.7%Operating margin0.3$20.8$5.2$7.8$Adjusted operating income1 0.2%12.6%11.6%20.7%Adjusted operating margin1 21.4$44.7$11.4$15.0$EBITDA1 13.0%27.0%25.4%39.9%EBITDA1margin21.4$44.7$11.4$15.0$Adjusted EBITDA1 13.0%27.0%25.4%39.9%Adjusted EBITDA margin1 2632406855Sales volumes (in thousands of tons):625.28$688.78$658.79$687.05$Average sales price (per ton):
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21 Plant Nutrition Reconciliation of Non-GAAP Information Reconciliation for Plant Nutrition Segment Adjusted Operating Income(unaudited, in millions)Nine months ended June 30,Three months ended June 30,20252026202520260.3 $20.8 $5.2 $7.8 $Reported GAAP segment operating income0.3$20.8$5.2$7.8$Segment adjusted operating income164.5165.444.837.6Segment sales0.2%12.6%11.6%20.7%Segment operating margin0.2%12.6%11.6%20.7%Segment adjusted operating marginReconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Six months ended June 30,Three months ended June 30,20252026202520260.3$20.8 $5.2 $7.8 $Reported GAAP segment operating income21.123.96.27.2Depreciation, depletion and amortization21.4$44.7$11.4$15.0$Segment EBITDA21.4$44.7$11.4$15.0$Segment adjusted EBITDA164.5165.444.837.6Segment sales13.0%27.0%25.4%39.9%Segment EBITDA margin13.0%27.0%25.4%39.9%Segment adjusted EBITDA margin
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22 Reconciliation of Non-GAAP Information 1 See Reconciliation for June 30, 2026, LTM Adjusted EBITDA and Reconciliation for June 30, 2025, LTM Adjusted EBITDA in the tables below. Reconciliation of Net Debt(unaudited, in millions)Three months ended June 30,20252026---825.3$---716.6$Current portion of long-term debtLong-term debt, net of current portion825.3716.6Total Debt(79.4)(56.3)Less: Cash and cash equivalents745.9$660.3$Net DebtReconciliation of Net Leverage Ratio(unaudited, in millions)Twelve months ended June 30,20252026745.9172.8$660.3233.2$Net Debt (as of period end)Divided by: LTM Adjusted EBITDA1 4.32.8Net Leverage Ratio
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23 Reconciliation of Non-GAAP Information 1 For the nine months ended June 30, 2026, the company recorded a loss on sale of the Wynyard business of $14.5 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss. 2 For the nine months ended June 30, 2026, the company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes. For the twelve months ended September 30, 2025, the company recorded a $7.6 million loss on extinguishment of debt, comprised of a $3.9 million prepayment premium related to the partial redemption of the 2027 Notes and a $3.7 million write-off of unamortized deferred financing costs related to the partial redemption of 2027 Notes and repayment of the term loans. 3 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for both the nine months ended June 30, 2025, and the twelve months ended September 30, 2025, were $2.1 million.4 The company incurred severance and related charges of $4.3 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, for both the nine months ended June 30, 2025, and the twelve months ended September 30, 2025.5 For both the nine months ended June 30, 2025, and the twelve months ended September 30, 2025, the company recorded a loss on impairments of $53.7 million, related to intangible and long-lived assets due to the exit of the Fortress fire retardant business.6 Other expense primarily consisted of fees paid and the write-off of previously capitalized deferred financing costs related to the modification of the company's Credit Agreement for the nine months ended June 30, 2025, and the twelve months ended September 30, 2025, respectively. Reconciliation for June 30, 2026 LTM Adjusted EBITDA(unaudited, in millions)LTM Adjusted EBITDAAdd: Prior Fiscal YearLess: Prior YearAdd: Current YearTwelve months ended June 30, 2026Twelve months ended September 30, 2025Nine months ended June 30, 2025Nine months ended June 30, 202618.4$(79.8)$(72.6)$25.6$Net income (loss)67.968.551.250.6Interest expense23.426.122.920.2Income tax expense106.9103.276.580.2Depreciation, depletion and amortization216.6$118.0$78.0$176.6$EBITDAAdjustments to EBITDA:10.810.27.37.9Stock-based compensation – non-cash(1.8)(1.3)(0.9)(1.4)Interest income(10.7)(0.1)3.1(7.5)(Gain) loss on foreign exchange, net14.5------14.5Loss on sale of business, net1 0.57.67.60.5Loss on extinguishment of debt2 ---2.12.1---Product recall costs3 ---4.34.3---Restructuring charges4 ---53.753.7---Loss on impairments5 3.34.32.01.0Other expense, net6 233.2$198.8$157.2$191.6$Adjusted EBITDA
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24 Reconciliation of Non-GAAP Information 1 For the nine months ended June 30, 2025, the company recorded a $7.6 million loss on extinguishment of debt, comprised of a $3.9 million prepayment premium related to the partial redemption of the 2027 Notes and a $3.7 million write-off of unamortized deferred financing costs related to the partial redemption of 2027 Notes and repayment of the term loans. 2 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the nine months ended June 30, 2025, and the twelve months ended September 30, 2024, were $2.1 million and $0.8 million, respectively.3 The company incurred severance and related charges of $4.3 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the nine months ended June 30, 2025. For the nine months ended June 30, 2024, and the twelve months ended September 30, 2024, the company incurred severance and related charges due to the reduction in workforce, changes to executive leadership and additional restructuring costs related to the termination of the company's lithium development project of $17.2 million and $15.8 million, respectively.4 For the nine months ended June 30, 2025, the company recorded loss on impairments of $53.7 million, related to intangible assets due to the exit of the Fortress fire retardant business. For the nine months ended June 30, 2024, and the twelve months endedSeptember 30, 2024, the company recorded loss on impairments of $175.8 million and $193.4 million, respectively, related to the termination of the lithium development project, Fortress goodwill, intangible assets, and Plant Nutrition goodwill and water rights.5 Other expense primarily consisted of the write-off of previously capitalized deferred financing costs related to the modification of the company's Credit Agreement for the nine months ended June 30, 2025. For the nine months ended June 30, 2024, and the twelve months ended September 30, 2024, other expense primarily consisted of expense related to natural gas hedges. Reconciliation for June 30, 2025 LTM Adjusted EBITDA(unaudited, in millions)LTM Adjusted EBITDAAdd: Prior Fiscal YearLess: Prior YearAdd: Current YearTwelve months ended Jun. 30, 2025Twelve months ended September 30, 2024Nine months ended June 30, 2024Nine months ended June 30, 2025(120.9)$(206.1)$(157.8)$(72.6)$Net loss70.369.550.451.2Interest expense20.417.920.422.9Income tax expense103.1105.078.476.5Depreciation, depletion and amortization72.9$(13.7)$(8.6)$78.0$EBITDAAdjustments to EBITDA:9.18.16.37.3Stock-based compensation – non-cash(1.1)(1.0)(0.8)(0.9)Interest income4.90.7(1.1)3.1Loss (gain) on foreign exchange, net7.6------7.6Loss on extinguishment of debt1 2.90.8---2.1Product recall costs2 2.915.817.24.3Restructuring charges3 71.3193.4175.853.7Loss on impairments4 2.32.21.92.0Other expense, net5 172.8$206.3$190.7$157.2$Adjusted EBITDA