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covista Fourth Quarter 2026 Earnings August 6 , 2026 covista.com
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Safe Harbor CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward -looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Covista’s future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “future,” “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “potential,” “range,” and similar terms. These forward - looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. “Risk Factors,” of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward -looking statements. We caution you that these factors may not contain all of the factors that are important to you. We cannot assure you that we will realize the results, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to us as of the date any such statements are made, and Covista assumes no obligation to publicly update or revise its forward -looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law. NON-GAAP FINANCIAL MEASURES This presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). We believe that certain non -GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Covista’s ongoing operations as seen through the eyes of management and are useful for period -over-period comparisons. Covista uses these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. For how we define the non -GAAP financial measures, and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the reconciliation at the end of this presentation. 2
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AMERICA’S LARGEST HEALTHCARE EDUCATOR 5 institutions | 26K healthcare graduates a year | 400K alumni
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Indispensable to healthcare & positioned for long-term demand Durable healthcare shortages creating structural, long-term demand Purpose at Scale unlocks our next growth engine Distinct platform serving students and employers at scale Deep clinical relationships with thousands of organizations Regulatory and accreditation complexity creates a formidable barrier to scale Balance sheet strength and robust cash generation enable multiple pathways for value creation 4
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The next horizon in our journey Strong assets with significant opportunity to integrate Market leading assets Strong academic outcomes Like-kind assets Cost synergy capture Purpose at Scale FY27 -> Focused execution, delivering organic growth Operational excellence Cross-institutional learnings Scaled efficiencies Record enrollment Maintained high persistence Durable operating leverage Growth with Purpose FY24 -> Focus and Clarity Scaled solution addressing healthcare’s most significant challenges Operational excellence Platform extension Employer integration Technology enabled Systemically important to U.S. healthcare 5
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• 12th consecutive quarter of YoY total enrollment growth; highest total enrollment in university history • Enrollment momentum sustained against strong prior-year comparables, reflecting the impact of deeper student persistence initiatives Q4 FY26 performance Chamberlain University 39.5k students Walden University 54.9k students Medical & Veterinary 5.1k students $501.4m REVENUE +9.7% vs. prior year • Continued positive total enrollment growth trajectory, with sequential improvement across the second half of FY26 • Ongoing momentum driven by operational improvements, supporting new enrollment growth • Announced new strategic nursing collaboration with Advocate Health • Growth led by Medical • New enrollment acceleration at both Medical & VeterinaryTotal enrollment growth YoY: +8.4% 25.3% ADJ. EBITDA1 MARGIN 120 bps YoY improvement $2.09 ADJ. EPS1 +25.9% vs. prior year 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 6
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Revenue and adjusted EPS1 ahead of expectations ▪ 12th straight quarter of total enrollment growth ▪ Initiating compelling FY27 guidance 1 Strong financial flexibility supporting value creation activities ▪ FY26 free cash flow1 of $393 million, up 38.7% from prior year ▪ Returned $238 million in capital to shareholders through share repurchases in FY26, $662 million remaining under $750 million authorization ▪ Net leverage1 of 0.5x as of June 30, 2026 2 Delivering value across our institutions and programs ▪ Walden: New programs launched heading into the 2026 academic year have enrolled more than 1,700 students; four new programs launched subsequent to quarter-end ▪ Chamberlain: Announced the planned opening of two new campuses, located in Cincinnati and Salt Lake City ▪ Med & Vet: Graduated more than 1,100 students in fiscal year 2026. Medical students from 46 states and 28 countries and veterinary students from 42 states and 8 countries were amongst the graduating class2 3 Differentiating the learner experience ▪ In partnership with Google Cloud, Covista added nine new AI professional certificates during the fourth quarter; more than 9,000 learners enrolled to date ▪ Covista and Advocate Health, the third-largest nonprofit integrated health system in the United States, launched a strategic nursing collaboration that creates a clear, financially supported pathway into the nursing profession 4 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. States include the District of Columbia; countries based on student citizenship Business highlights 7
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8 Growing a practice-ready nursing pipeline SCHOLARSHIPS Reducing some of the financial barriers that keep future nurses on the sidelines CLINICAL IMMERSION Specialized training inside partner facilities to prepare graduates EMPLOYMENT PATHWAYS A direct line to a career in our partners’ health systems LOAN REPAYMENT Partners provide financial support for student loans during employment
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Total enrollment trends Chamberlain: Second straight quarter of positive total enrollment growth; targeted operational enhancements driving new enrollment and improving future trends; 16th straight quarter of pre-licensure BSN YoY total enrollment growth Walden: 12th straight quarter of YoY total enrollment growth; strength across healthcare and non-healthcare; highest total enrollment growth rate of FY26 and highest total enrollment in university history Med & Vet: Highest total enrollment growth rate of FY26 Q4 ‘26 99.5k +8.4% 1. Represents total students attending sessions during each institution’s most recent enrollment period Q1 ‘26 97.4k +8.0% Q2 ‘26 97.0k +6.3% Q3 ‘26 100.6k +6.8% Year-over-Year % change Total enterprise enrollments1 Year-over-Year % change Q4 ‘26 Q3 ‘26 +12.3%+14.0% 9 +0.5%+1.6% +4.1%+7.3%
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Q4 Covista performance 1.Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2.Represents total students attending sessions during most recent enrollment period Total Enrollment • Growth driven by all three segments Adj. EBITDA 1 margin • Revenue growth and operational efficiencies, partially offset by an elevated level of investments in strategic growth initiatives Adj. EPS 1 • Average diluted shares outstanding ~2.8m lower YoY $ in Millions, except per share data Q4 ‘26 ∆ vs. Q4 ‘25Q4 ‘25 Revenue $501.4 +9.7%$457.1 Adj. EBITDA 1 $126.9 +15.2%$110.2 % Margin 1 25.3% +120 bps24.1% Adj. EPS 1 $2.09 +25.9%$1.66 Total Enrollment 2 99,472 +8.4%91,780 10
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1.Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2.Represents total students attending sessions during most recent enrollment period $ in Millions, except per share data FY26 ∆ vs. FY25FY25 Revenue $1,954.1 +9.3%$1,788.3 Adj. EBITDA 1 $521.7 +13.5%$459.7 % Margin 1 26.7% +100 bps25.7% Adj. EPS 1 $8.25 +23.7%$6.67 11 FY26 Covista performance Total Enrollment • Growth driven by all three segments Adj. EBITDA 1 margin • Revenue growth and operational efficiencies, partially offset by an elevated level of investments in strategic growth initiatives Adj. EPS 1 • Average diluted shares outstanding ~2.6m lower YoY Total Enrollment 2 99,472 +8.4%91,780
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Total Enrollment • Growth driven by pre-licensure nursing and MSN programs Adj. EBITDA 1 margin • Operational leverage from revenue growth, partially offset by investments focused on student experience, academic outcomes, marketing and strategic growth initiatives $ in Millions Q4 ‘26 ∆ vs. Q4 ‘25Q4 ‘25 Revenue $190.2 +3.2%$184.3 Adj. EBITDA 1 $46.8 +3.8%$45.0 % Margin 1 24.6% +20 bps24.4% Total Enrollment 2 39,501 +1.6%38,891 12 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period Q4 Chamberlain performance
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Total Enrollment • Strong growth in healthcare and non- healthcare Adj. EBITDA 1 margin • Revenue growth and operational efficiencies generating leverage $ in Millions Q4 ‘26 ∆ vs. Q4 ‘25Q4 ‘25 Revenue $210.8 +15.7%$182.2 Adj. EBITDA 1 $69.7 +32.3%$52.7 % Margin 1 33.0% +410 bps28.9% Total Enrollment 2 54,851 +14.0%48,116 13 Q4 Walden performance 1.Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2.Represents total students attending sessions during most recent enrollment period
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$ in Millions Q4 ‘26 ∆ vs. Q4 ‘25Q4 ‘25 Revenue $100.3 +10.7%$90.6 Adj. EBITDA 1 $22.5 +12.3%$20.0 % Margin 1 22.4% +30 bps22.1% Total Enrollment 2 5,120 +7.3%4,773 14 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period Q4 Med & Vet performance Total Enrollment • Growth led by Medical • New enrollment acceleration at both Medical & Veterinary Adj. EBITDA 1 margin • Revenue growth driving operational leverage, partially offset by investments focused on marketing, student enrollment, and student experience
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Twelve Months Ended Free Cash Flow1 ($M) $283 $319 $368 $336 $393 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q4 '26 0.5x Net Leverage1 Ratio Q4 FY ’26 $238m Returned to shareholders through share repurchases in FY26 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Operating cash flow defined as net cash provided by operating activities – continuing operations (GAAP) Operating Cash Flow2 $333 $375 $428 $406 $471 Capital Expenditures ($50) ($56) ($60) ($70) ($78) Free Cash Flow1 $283 $319 $368 $336 $393 Healthy cash generation & disciplined capital allocation 15
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Initiates FY27 guidance Underlying Themes Revenue growth rate higher in 2H ’27 vs. 1H ’27 due to Walden shift back of one academic week from Q2 into Q3 0-50 bps adj. EBITDA 1 margin expansion; operational excellence delivering efficiencies Capital expenditure run rate slightly higher than our annualized Q4 ’26 spend Continued strong cash flow & disciplined capital deployment 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Covista's results in accordance with GAAP $8.90 – $9.15 +8% +11% ADJ. EPS1 YoY approx. growth $2,050m – $2,090m +5% +7% REVENUE YoY approx. growth 16
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Appendix
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$ in Millions FY26 ∆ vs. FY25FY25 Revenue $750.2 +3.4%$725.8 Adj. EBITDA 1 $185.5 (3.1)%$191.4 % Margin 1 24.7% (170) bps26.4% 18 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period FY26 Chamberlain performance Total Enrollment 2 39,501 +1.6%38,891 Total Enrollment • Growth driven by pre-licensure nursing and MSN programs Adj. EBITDA 1 margin • Operational leverage from revenue growth, offset by investments focused on marketing and strategic growth initiatives
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$ in Millions FY26 ∆ vs. FY25FY25 Revenue $804.9 +16.1%$693.4 Adj. EBITDA 1 $268.0 +29.8%$206.5 % Margin 1 33.3% +350 bps29.8% 19 1.Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2.Represents total students attending sessions during most recent enrollment period FY26 Walden performance Total Enrollment 2 54,851 +14.0%48,116 Total Enrollment • Strong growth in healthcare and non- healthcare Adj. EBITDA 1 margin • Revenue growth and operational efficiencies generating leverage
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$ in Millions FY26 ∆ vs. FY25FY25 Revenue $398.9 +8.1%$369.1 Adj. EBITDA 1 $102.8 +15.7%$88.8 % Margin 1 25.8% +170 bps24.1% 20 1. Reconciliations to Non-GAAP Financial Measures and definitions can be found in the appendix 2. Represents total students attending sessions during most recent enrollment period FY26FY26 Med & Vet performance Total Enrollment 2 5,120 +7.3%4,773 Total Enrollment • Growth led by Medical • New enrollment acceleration at both Medical & Veterinary Adj. EBITDA 1 margin • Revenue growth driving operational leverage, partially offset by investments focused on marketing, student enrollment, and student experience
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We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Covista’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables: Adjusted net income (most comparable GAAP measure: net income) – Measure of Covista’s net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, litigation reserve, asset impairments, loss on assets held for sale, debt modification costs, tax benefit due to change in unrecognized tax benefits, and loss (income) from discontinued operations. Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Covista’s diluted earnings per share adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, litigation reserve, asset impairments, loss on assets held for sale, debt modification costs, tax benefit due to change in unrecognized tax benefits, and loss (income) from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Covista’s operating income adjusted for restructuring expense, amortization of acquired intangible assets, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, and debt modification costs. Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Covista’s net income adjusted for loss (income) from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, and debt modification costs. Provision for income taxes, interest expense, and other income, net are not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with adjusted operating income. Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures. Net debt – Defined as total long-term debt principal less cash and cash equivalents. Net leverage – Defined as net debt divided by adjusted EBITDA. A description of special items in our non-GAAP financial measures described above are as follows: • Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Covista’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense. • Amortization of acquired intangible assets. • Amortization of cloud computing implementation assets. • Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs. • Loss on debt extinguishment related to amendments and repayments of our Senior Secured Notes due 2028, Term Loan B, and Revolver. • Reserves related to significant litigation. • Asset impairments related to adjusting certain operating lease assets and property and equipment as a result of adjusting carrying values to fair values. • Loss on assets held for sale related to adjusting those assets to estimated fair value less costs to sell. • Debt modification costs related to refinancing our Term Loan B. • Tax benefit due to change in unrecognized tax benefits. • Loss (income) from discontinued operations includes activity from ongoing litigation costs and settlements related to divestitures and the earn-outs we received. Non-GAAP financial measures and reconciliations 21
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Adjusted operating income disclosure (1/2) (unaudited) (in thousands) 22 % % Chamberlain: Operating income $ 36,316 $ 35,739 $ 577 1.6 % $ 141,618 $ 151,455 $ (9,837) (6.5) % Restructuring expense — — — 2,024 1,912 112 Adjusted operating income $ 36,316 $ 35,739 $ 577 1.6 % $ 143,642 $ 153,367 $ (9,725) (6.3) % Operating margin 19.1 % 19.4 % 18.9 % 20.9 % Adjusted operating margin 19.1 % 19.4 % 19.1 % 21.1 % Walden: Operating income $ 59,753 $ 43,982 $ 15,771 35.9 % $ 227,788 $ 177,911 $ 49,877 28.0 % Restructuring expense 255 — 255 715 — 715 Amortization of acquired intangible assets 2,805 2,805 — 11,220 11,220 — Litigation reserve — — — — (5,550) 5,550 Adjusted operating income $ 62,813 $ 46,787 $ 16,026 34.3 % $ 239,723 $ 183,581 $ 56,142 30.6 % Operating margin 28.3 % 24.1 % 28.3 % 25.7 % Adjusted operating margin 29.8 % 25.7 % 29.8 % 26.5 % Medical and Veterinary: Operating income $ 16,656 $ 14,864 $ 1,792 12.1 % $ 79,110 $ 68,798 $ 10,312 15.0 % Restructuring expense — 218 (218) 855 454 401 Adjusted operating income $ 16,656 $ 15,082 $ 1,574 10.4 % $ 79,965 $ 69,252 $ 10,713 15.5 % Operating margin 16.6 % 16.4 % 19.8 % 18.6 % Adjusted operating margin 16.6 % 16.6 % 20.0 % 18.8 % Increase/(Decrease) $ $ Three Months Ended June 30, Year Ended June 30, 2026 2025 2026 2025 Increase/(Decrease)
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Adjusted operating income disclosure (2/2) (unaudited) (in thousands) 23 % % Home Office: Operating loss $ (17,282) $ (17,660) $ 378 2.1 % $ (65,140) $ (56,622) $ (8,518) (15.0) % Restructuring expense 846 170 676 2,735 948 1,787 Asset impairments — — — — 6,442 (6,442) Strategic advisory costs 1,530 6,900 (5,370) 18,562 12,000 6,562 Loss on assets held for sale — 490 (490) — 490 (490) Debt modification costs — — — — 712 (712) Adjusted operating loss $ (14,906) $ (10,100) $ (4,806) (47.6) % $ (43,843) $ (36,030) $ (7,813) (21.7) % Covista: Operating income (GAAP) $ 95,443 $ 76,925 $ 18,518 24.1 % $ 383,376 $ 341,542 $ 41,834 12.2 % Restructuring expense 1,101 388 713 6,329 3,314 3,015 Amortization of acquired intangible assets 2,805 2,805 — 11,220 11,220 — Litigation reserve — — — — (5,550) 5,550 Asset impairments — — — — 6,442 (6,442) Strategic advisory costs 1,530 6,900 (5,370) 18,562 12,000 6,562 Loss on assets held for sale — 490 (490) — 490 (490) Debt modification costs — — — — 712 (712) Adjusted operating income (non-GAAP) $ 100,879 $ 87,508 $ 13,371 15.3 % $ 419,487 $ 370,170 $ 49,317 13.3 % Operating margin (GAAP) 19.0 % 16.8 % 19.6 % 19.1 % Adjusted operating margin (non-GAAP) 20.1 % 19.1 % 21.5 % 20.7 % Increase/(Decrease) $ $ Three Months Ended June 30, Year Ended June 30, 2026 2025 2026 2025 Increase/(Decrease)
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Adjusted EBITDA disclosure (1/2) (unaudited) (in thousands) 24 % % Chamberlain: Adjusted operating income (GAAP) $ 36,316 $ 35,739 $ 577 1.6 % $ 143,642 $ 153,367 $ (9,725) (6.3) % Depreciation 5,965 5,503 462 23,073 21,687 1,386 Amortization of cloud computing implementation assets 2,069 780 1,289 7,689 3,033 4,656 Stock-based compensation 2,419 3,019 (600) 11,128 13,309 (2,181) Adjusted EBITDA (non-GAAP) $ 46,769 $ 45,041 $ 1,728 3.8 % $ 185,532 $ 191,396 $ (5,864) (3.1) % Adjusted EBITDA margin (non-GAAP) 24.6 % 24.4 % 24.7 % 26.4 % Walden: Adjusted operating income (GAAP) $ 62,813 $ 46,787 $ 16,026 34.3 % $ 239,723 $ 183,581 $ 56,142 30.6 % Depreciation 2,014 1,993 21 8,103 7,421 682 Amortization of cloud computing implementation assets 1,916 760 1,156 6,939 3,002 3,937 Stock-based compensation 2,926 3,123 (197) 13,190 12,477 713 Adjusted EBITDA (non-GAAP) $ 69,669 $ 52,663 $ 17,006 32.3 % $ 267,955 $ 206,481 $ 61,474 29.8 % Adjusted EBITDA margin (non-GAAP) 33.0 % 28.9 % 33.3 % 29.8 % Medical and Veterinary: Adjusted operating income (GAAP) $ 16,656 $ 15,082 $ 1,574 10.4 % $ 79,965 $ 69,252 $ 10,713 15.5 % Depreciation 3,080 2,755 325 12,016 10,853 1,163 Amortization of cloud computing implementation assets 719 306 413 2,555 1,208 1,347 Stock-based compensation 2,022 1,873 149 8,243 7,486 757 Adjusted EBITDA (non-GAAP) $ 22,477 $ 20,016 $ 2,461 12.3 % $ 102,779 $ 88,799 $ 13,980 15.7 % Adjusted EBITDA margin (non-GAAP) 22.4 % 22.1 % 25.8 % 24.1 % Three Months Ended June 30, Year Ended June 30, $ Increase/(Decrease) Increase/(Decrease) 2026 2025 $ 2026 2025
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Adjusted EBITDA disclosure (2/2) (unaudited) (in thousands) 25 % % Home Office: Adjusted operating loss $ (14,906) $ (10,100) $ (4,806) (47.6) % $ (43,843) $ (36,030) $ (7,813) (21.7) % Depreciation 164 184 (20) 658 741 (83) Stock-based compensation 2,746 2,394 352 8,655 8,318 337 Adjusted EBITDA $ (11,996) $ (7,522) $ (4,474) (59.5) % $ (34,530) $ (26,971) $ (7,559) (28.0) % Covista: Net income (GAAP) $ 71,721 $ 54,212 $ 17,509 32.3 % $ 251,566 $ 237,065 $ 14,501 6.1 % Loss (income) from discontinued operations 439 250 189 15,809 (4,388) 20,197 Interest expense 9,799 10,853 (1,054) 45,435 52,318 (6,883) Other income, net (2,756) (2,511) (245) (7,178) (9,290) 2,112 Provision for income taxes 16,240 14,121 2,119 77,744 65,837 11,907 Depreciation and amortization 18,732 15,086 3,646 72,253 59,165 13,088 Stock-based compensation 10,113 10,409 (296) 41,216 41,590 (374) Restructuring expense 1,101 388 713 6,329 3,314 3,015 Litigation reserve — — — — (5,550) 5,550 Asset impairments — — — — 6,442 (6,442) Strategic advisory costs 1,530 6,900 (5,370) 18,562 12,000 6,562 Loss on assets held for sale — 490 (490) — 490 (490) Debt modification costs — — — — 712 (712) Adjusted EBITDA (non-GAAP) $ 126,919 $ 110,198 $ 16,721 15.2 % $ 521,736 $ 459,705 $ 62,031 13.5 % Adjusted EBITDA margin (non-GAAP) 25.3 % 24.1 % 26.7 % 25.7 % Three Months Ended June 30, Year Ended June 30, $ Increase/(Decrease) Increase/(Decrease) 2026 2025 $ 2026 2025
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Adjusted earnings disclosure (unaudited) (in thousands, except per share data) 1.Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements Note: May not sum due to rounding 26 Net income (GAAP) $ 71,721 $ 54,212 $ 251,566 $ 237,065 Restructuring expense 1,101 388 6,329 3,314 Amortization of acquired intangible assets 2,805 2,805 11,220 11,220 Strategic advisory costs 1,530 6,900 18,562 12,000 Loss on debt extinguishment, litigation reserve, asset impairments, loss on assets held for sale, and debt modification costs — 490 4,810 3,832 Tax benefit due to change in unrecognized tax benefits (3,289) — (3,289) — Income tax impact on non-GAAP adjustments (1) (1,486) (2,602) (10,308) (7,423) Loss (income) from discontinued operations 439 250 15,809 (4,388) Adjusted net income (non-GAAP) $ 72,821 $ 62,443 $ 294,699 $ 255,620 Diluted earnings per share (GAAP) $ 2.06 $ 1.44 $ 7.04 $ 6.18 Effect on diluted earnings per share: Restructuring expense 0.03 0.01 0.18 0.09 Amortization of acquired intangible assets 0.08 0.07 0.31 0.29 Strategic advisory costs 0.04 0.18 0.52 0.31 Loss on debt extinguishment, litigation reserve, asset impairments, loss on assets held for sale, and debt modification costs — 0.01 0.13 0.10 Tax benefit due to change in unrecognized tax benefits (0.09) — (0.09) — Income tax impact on non-GAAP adjustments (1) (0.04) (0.07) (0.29) (0.19) Loss (income) from discontinued operations 0.01 0.01 0.44 (0.11) Adjusted earnings per share (non-GAAP) $ 2.09 $ 1.66 $ 8.25 $ 6.67 Diluted shares 34,763 37,584 35,715 38,334 2026 2025 2026 2025 Three Months Ended Year Ended June 30, June 30, 2026 2025 2026 2025 Three Months Ended Year Ended June 30, June 30,
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Free cash flow disclosure (unaudited) (in thousands) 27 Net cash provided by operating activities-continuing operations (GAAP) $ 333,734 $ 374,796 $ 427,890 $ 406,335 $ 470,796 Capital expenditures (50,327) (55,936) (59,880) (69,872) (77,696) Free cash flow (non-GAAP) $ 283,407 $ 318,860 $ 368,010 $ 336,463 $ 393,100 FY25 Twelve Months Ended FY26FY26FY26 FY26 Q4 Q4Q2Q1 Q3
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Net leverage disclosure (unaudited) (in thousands) 28 Covista: Net income (GAAP) $ 251,566 Loss from discontinued operations 15,809 Interest expense 45,435 Other income, net (7,178) Provision for income taxes 77,744 Depreciation and amortization 72,253 Stock-based compensation 41,216 Restructuring expense 6,329 Strategic advisory costs 18,562 Adjusted EBITDA (non-GAAP) $ 521,736 Total long-term debt principal $ 673,000 Less: Cash and cash equivalents (406,316) Net debt (non-GAAP) $ 266,684 Net leverage (non-GAAP) 0.5x June 30, 2026 June 30, 2026 Year Ended