Slides
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Third Quarter 2025 November 4, 2025 — 11 a.m. ET
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THIRD QUARTER EARNINGS 2025 / 2 Legal Discussion Continuing Operations Financial results are presented to exclude the Advanced Materials & Catalysts business, which is subject to a pending sale which the Company previously announced on September 11, 2025, from all quarterly and yearly results presented unless otherwise indicated. Forward-Looking Statements Some of the information contained in this presentation, the conference call during which this presentation is reviewed and any discussions that follow constitutes “forward- looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Examples of forward-looking statements include, but are not limited to, statements regarding our future results of operations, financial condition, capital expenditure projects, liquidity, prospects, growth, strategies, capital allocation program (including the stock repurchase program), use of proceeds from the announced sale of the Advanced Materials & Catalysts segment, product and service offerings, expected demand trends and facility turnaround schedule, the timing and outcome, if any, of the announced sale of our Advanced Materials & Catalysts segment and its impact on our expected debt and net debt leverage ratios, the impact of the acquisition of the Waggaman sulfuric acid assets, the effect of tariffs on our business and results and our quarterly and full year 2025 financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing undue reliance on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, including the enactment, schedule and impact of tariffs and trade disputes, currency exchange rates, adverse effects from the U.S. government shutdown, the effects of inflation, the timing of and our ability to consummate the announced Advanced Materials & Catalysts segment, and other factors, including those described in the sections titled “Risk Factors” and “Management’s Discussion & Analysis of Financial Condition and Results of Operations” in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Free Cash Flow, Adjusted Free Cash Flow and Net Debt Leverage Ratio, which are provided to assist in an understanding of our business and its performance. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Non-GAAP financial measures should be read only in conjunction with consolidated financials prepared in accordance with GAAP. Reconciliations of non-GAAP measures to the relevant GAAP measures are provided in the appendix of this presentation. In reliance upon the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation such as certain non-cash, nonrecurring or other items that are included in net (loss) income and EBITDA as well as the related tax impacts of these items and asset dispositions / acquisitions and changes in foreign currency exchange rates that are included in cash flow, due to the uncertainty and variability of the nature and amount of these future charges and costs. Because this information is uncertain, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
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THIRD QUARTER EARNINGS 2025 / 3 Legal Discussion Supply Share and Industry Information Certain statistical information used in this presentation is based on independent industry publications, reports by research firms or other published independent sources. Some statistical information is also based on our good faith estimates which are derived from management’s knowledge of our industry and such independent sources referred to above. Certain supply share statistics, ranking and industry information included in this presentation, including the size of certain markets and our estimated supply share position and the supply share positions of our competitors, are based on management estimates. These estimates have been derived from our management’s knowledge and experience in the industry and end uses into which we sell our products, as well as information obtained from surveys, reports by research firms, our customers, distributors, suppliers trade and business organizations and other contacts in the industries into which we sell our products. We believe these data to be accurate as of the date of this presentation. However, this information may prove to be inaccurate because this information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. Unless otherwise noted, all of our supply share position and industry information presented in this presentation herein is an approximation based on management’s knowledge and is based on our, or, in the case of supply share position information, excludes volume attributable to manufacturers who produce primarily for their own consumption. In addition, references to various end uses into which we sell our products are based on how we define the end uses for our products.
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THIRD QUARTER EARNINGS 2025 / 4 3 Expect to deploy the net proceeds towards reducing debt by $450 M - $500 M, accelerating organic and inorganic growth, and returning capital to stockholders through an active stock repurchase program Adjusted EBITDA increased quarter-over-quarter on favorable contractual pricing in regeneration services and higher sales volume for virgin sulfuric acid, partially offset by lower regeneration services volume associated with unplanned & extended customer downtime 5 Year-to-date Adjusted Free Cash Flow1 of $42 M, including cash flows from both continuing and discontinued operations 4 Removed the April 2026 expiration on our existing $450 M share repurchase authorization with $202 M remaining. Repurchased $5.5 M of common stock in Q3 20255 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the nine months ended September 30, 2025. See Appendix for reconciliations of Non-GAAP financial measures Key Messages - Third Quarter 2025 2 1 Announced agreement to sell our AM&C segment, with expected net proceeds of ~ $530 M and an expected closing in Q1 2026
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THIRD QUARTER EARNINGS 2025 / 5 Demand Trends and Outlook
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Third Quarter 2025 Financial Performance
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THIRD QUARTER EARNINGS 2025 / 7 Key Highlights - Continuing Operations Q3 2025 Key Highlights $205 Mln Sales Q3 2025 $58 Mln 28% Adj. EBITDA and Margin Q3 20251 $64 Mln 31% Ecoservices Adj. EBITDA and Margin Q3 2025 $202 Mln Share Repurchase Authorization Remaining $42 Mln Adjusted Free Cash Flow 1,2,4 $185 Mln Liquidity3,4 1. See Appendix for reconciliations of Non-GAAP financial measures 2. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the nine months ended September 30, 2025 3. Liquidity = Total cash & cash equivalents of $$99 million (comprised of $82 million of cash and cash equivalents from continuing operations and $17 million of cash from discontinued operations) + Availability on revolving ABL facility of $86 million 4. Includes proportionate share of cash generation from discontinued operations for the period presented
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THIRD QUARTER EARNINGS 2025 / 8 Financial Performance - Q3 2025 ($ in millions) Third Quarter 2025 Third Quarter 2024 $ Change % Change Sales 204.9 153.9 51.0 33.1 Net Income 0.4 14.8 (14.4) (97.3) Net Income Margin (%) 0.2 9.6 (940 bps) Adjusted EBITDA1 57.5 48.7 8.8 18.1 Adjusted EBITDA Margin1 (%) 28.1 31.6 (350 bps) ($ in millions) $ Change % Change Sales Change Factors 51.0 28.4 Volume 16.7 9.3 Price (ex sulfur pass-through) 9.3 6.0 Price impact of sulfur pass-through 25 16.2 1. See Appendix for reconciliations of non-GAAP measures Third Quarter Financial Results - Continuing Operations
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THIRD QUARTER EARNINGS 2025 / 9 Adjusted EBITDA Bridge - Q3 2025 Increase in Adjusted EBITDA reflects favorable contract pricing in regeneration services and higher virgin sulfuric acid volumes, partially offset by lower regeneration services volume and higher manufacturing and transportation costs. Waggaman contributed to higher volume, but was offset by manufacturing costs 1. See Appendix for reconciliations of non-GAAP measures Positive price-cost 31.6%1 28.1%1
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THIRD QUARTER EARNINGS 2025 / 10 Ecoservices - Q3 2025 Financial Performance ($ in millions) Third Quarter 2025 Third Quarter 2024 $ Change % Change Sales 204.9 153.9 51.0 33.1 Adjusted EBITDA1 63.6 55.1 8.5 15.4 Adjusted EBITDA Margin1 (%) 31.0 35.8 (480 bps) YTD Capital Expenditures2 48.8 42.1 Highlights • Increase in sales reflects pass-through of higher sulfur costs, favorable contractual pricing for regeneration services and higher sales volume for virgin sulfuric acid, including the contribution from the acquired Waggaman location, partially offset by lower regeneration services volume associated with unplanned and extended customer downtime. • Increase in Adjusted EBITDA primarily reflects favorable contractual pricing for regeneration services and higher sulfuric acid sales volume, partially offset by lower regeneration services volume • Adjusted EBITDA margin of 31.0%, down 480 basis points, primarily reflecting the unfavorable impact of higher sulfur costs passed through on sales 1. See Appendix for reconciliations of non-GAAP measures 2. Represents capital expenditures for the nine months ended September 30, 2025 and 2024, respectively
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THIRD QUARTER EARNINGS 2025 / 11 Cash & Debt Adjusted Free Cash Flow $85.5 $54.7 $42.4 $85.0 2024 September YTD 2024 September YTD 2025 2025 Guidance 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments. See Appendix for reconciliations of non-GAAP measures 2. Guidance range for Adjusted Free Cash Flow is $75 million to $85 million 3. Liquidity = Total cash & cash equivalents of $99 million (comprised of $82 million of cash and cash equivalents from continuing operations and $17 million of cash from discontinued operations) + Availability on revolving ABL facility of $86 million 4. Includes proportionate share of cash generation from discontinued operations for the period presented Cash Generation • Year-to-date Adjusted Free Cash Flow was used for: ◦ Q2'25 acquisition of Waggaman sulfuric acid production assets for total proceeds of $41 million ◦ Year-to-date share repurchases of $27 million • Available liquidity of $185 million 3 at September 30, 2025 1,4 $75.0 2 Gross Debt and Expected Paydown $864 $414 Gross Debt - Q3 2025 Expected Paydown Post-Close Debt Balance Range $450 $364 Debt Profile • Upon closing of AM&C divestiture, anticipate using $450 million - $500 million of net proceeds to pay down Term Loan, resulting in outstanding debt of $364 million - $414 million • Expected post-close cash balance, after paydown of Term Loan, of $150 million - $200 million • Post-closing, project an expected Net Debt Leverage ratio below 1.5x $450 M - $500 M
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THIRD QUARTER EARNINGS 2025 / 12 Ecovyst Revised 2025 Outlook and 2026 Expectations ($ in millions, except per share) 2024 Actual Revised 2025 Outlook 2026 Expectations Net Sales $598 $700 - $740 + Waggaman contribution partially offset by turnaround costs. Mid single-digit million dollar range for Adjusted EBITDA + Regeneration services volume on less customer turnarounds Adjusted EBITDA - Ecoservices1 $200 ~ $200 + Virgin volume benefiting from mining growth + Favorable contractual pricing impact - Higher expected inflation impact on manufacturing costs, including increased turnaround costs Unallocated Corporate Costs $28 ~$30 + Slightly lower unallocated corporate costs Adjusted EBITDA1 $173 ~$170 + Higher Adjusted Free Cash Flow1,2 $86 $75 - $85 - Lower on elimination of cash flows from AM&C Capital Expenditures $55 $60 - $70 - Higher, including Waggaman and organic growth projects Interest Expense3 N/A $32 - $34 + Cash interest reduced from a range of $46 M - $50 M in 2025 to a range of $21 M - $25 M in 2026 Depreciation & Amortization N/A $75 - $80 Flat Effective Tax Rate Mid 20% Mid 20% Mid 20% range • Sales outlook for 2025 assumes higher average sulfur prices compared to 2024 and higher projected pass-through of sulfur costs of approximately $70 million. 1. See Appendix for reconciliations of non-GAAP measures 2. Adjusted Free Cash Flow for 2024 Actual and 2025 Revised Outlook includes the cash flow from both continuing operations and discontinued operations. 3. Interest expense from continuing operations includes a portion that has been allocated to discontinued operations on the basis of the Company's estimated mandatory partial repayment of the 2025 Term Loan Facility.
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THIRD QUARTER EARNINGS 2025 / 13 Net proceeds of approximately $530 M will result in expected Net Debt Leverage ratio below 1.5x 2 3 4 Demand fundamentals for regeneration services and virgin sulfuric acid expected to remain positive Summary 1 Prioritizing capital allocation to drive both organic and inorganic growth, while returning capital to stockholders through an active stock repurchase program - targeting up to $20 M of stock repurchases in Q4 2025 Expect divestiture of Advanced Materials & Catalysts segment to close in the first quarter 2026
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APPENDIX
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THIRD QUARTER EARNINGS 2025 / 15 Sales and Adjusted EBITDA Major Change Factors Sales (in $ millions and %) Three Months Ended September 30, 2025 Nine months ended September 30, 2025 Sales: $ % $ % Volume 16.7 10.9 9.1 2.0 Price/Mix 34.3 22.2 65.6 14.6 Sales Change 51.0 33.1 74.7 16.6 Adj. EBITDA (in $ millions and %) Three Months Ended September 30, 2025 Nine months ended September 30, 2025 Adj EBITDA: $ % $ % Volume/Mix 5.8 10.5 (1.8) (1.2) Price1 9.3 16.9 16.5 11.3 Variable Cost1 0.7 1.3 0.6 0.4 Other (7.3) (13.3) (19.7) (13.5) Adj EBITDA Change 10.9 19.8 (4.4) (3.0) Adjusted EBITDA Sales 1. Excludes the sulfur cost pass-through impact reflected in price and the associated sulfur cost reflected in variable cost; $25 million for the three months ended and $49 million for the nine months ended September 30, 2025
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THIRD QUARTER EARNINGS 2025 / 16 Ecoservices Anticipated Turnaround Schedule Q1 2024 Q2 2024 Q3 2024 Q4 2024 2 2 0 1 Q1 2025 Q2 2025 Q3 2025 Q4 20251 2 2 1 0 Q1 20261 Q2 20261 Q3 20261 Q4 20261 3 2 0 2 1 Reflects expected timing for future turnarounds, subject to change
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THIRD QUARTER EARNINGS 2025 / 17 Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended Nine Months Ended ($ in millions, except %) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA Net income (loss) from continuing operations 0.4 14.8 (2.4) 22.4 Provision (benefit) for income taxes 20.2 4.6 20.0 8.0 Interest expense, net 8.4 7.9 24.8 27.1 Depreciation and amortization 20.7 18.5 58.0 52.5 EBITDA 49.7 45.8 100.4 110.0 Debt modification and extinguishment costs — — 1.0 4.6 Net loss on asset disposals(a) 3.6 0.2 4.0 0.8 Transaction and other related costs(b) 0.6 — 2.8 0.2 Equity-based compensation 2.3 2.3 7.6 8.3 Restructuring, integration and business optimization expenses(c) 1.8 0.1 2.9 0.2 Other(d) (0.5) 0.3 2.0 0.8 Adjusted EBITDA1 57.5 48.7 120.7 124.9 EBITDA Adjustments by Line Item EBITDA 49.7 45.8 100.4 110.0 Selling, general and administrative expenses 2.3 2.3 7.6 8.3 Other operating expense, net 6.2 0.4 12.0 1.4 Other (income) expense, net 2 (0.7) 0.2 0.7 5.2 Adjusted EBITDA1 57.5 48.7 120.7 124.9 Unallocated corporate expenses (6.1) (6.4) (21.2) (21.4) Ecoservices Adjusted EBITDA 63.6 55.1 141.9 146.3 Sales 204.9 153.9 524.1 449.4 Adjusted EBITDA Margin 28.1% 31.6% 23.0% 27.8% Ecoservices Adjusted EBITDA Margin 31.0% 35.8% 27.1% 32.6% 1. For additional information with respect to each adjustment, see appendix "Descriptions for reconciliation of Non-GAAP financial measures" 2. Other (income) expense, net includes debt modification and extinguishment costs * Rounding discrepancies may arise when rounding results from dollars (in thousands) to dollars (in millions)
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THIRD QUARTER EARNINGS 2025 / 18 Descriptions for reconciliation of Non-GAAP financial measures (a) When asset disposals occur, we remove the impact of net gain/loss of the disposed asset because such impact primarily reflects the non-cash write-off of long-lived assets no longer in use. (b) Relates to certain transaction costs, including debt financing, due diligence and other costs related to transactions that are completed, pending or abandoned, that we believe are not representative of our ongoing business operations. (c) Includes the impact of restructuring, integration and business optimization expenses, which are incremental costs that are not representative of our ongoing business operations. (d) Other consists of adjustments for items that are not core to our ongoing business operations. These adjustments include environmental remediation and other legal costs, expenses for capital and franchise taxes, and defined benefit pension and postretirement plan (benefits) costs, for which our obligations are under plans that are frozen. Included in this line-item are rounding discrepancies that may arise from rounding from dollars (in thousands) to dollars (in millions).
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THIRD QUARTER EARNINGS 2025 / 19 Adjusted Free Cash Flow ($ in millions) Nine months ended September 30, 2024 Full Year 2024 Nine months ended September 30, 2025 Net cash provided by operating activities 106.4 149.9 98.5 Less: Purchases of property, plant and equipment1 51.7 69.0 67.1 Free Cash Flow 54.7 80.9 31.4 Cash paid for debt financing costs 4.6 4.6 1.0 Cash paid for costs related to the Waggaman acquisition — — 4.1 Cash paid for costs related to the segment disposal — — 5.9 Adjusted Free Cash Flow 59.3 85.5 42.4 1. Includes purchases of property, plant and equipment reported in discontinued operations 2. Shown net of capitalized interest and includes the cash received or paid on interest rate cap agreements * Rounding discrepancies may arise when rounding results from dollars (in thousands) to dollars (in millions) ($ in millions) Nine months ended September 30, 2024 Full Year 2024 Nine months ended September 30, 2025 Included in net cash provided by operating activities are the following supplemental cash items: Cash paid for taxes 20.8 26.3 10.0 Cash paid for interest2 37.0 49.0 34.6
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THIRD QUARTER EARNINGS 2025 / 20 Reconciliation of Projected Debt to Projected Net Debt1 ($ in millions, except ratios) Total debt as of September 30, 2025 864 864 Expected net proceeds 530 530 Expected debt paydown range (500) (450) Excess Cash 30 80 Cash and cash equivalents as of September 30, 2025 99 99 Expected Remaining Debt2 364 414 Less: Expected Remaining Cash3 150 200 Expected Net Debt 214 214 Adjusted EBITDA Guidance4 170 170 Expected Net Debt Leverage Ratio 1.3x 1.3x 1. This table illustrates projected debt and projected net debt upon consummation of the sale of the Advanced Materials & Catalysts segment and the related debt paydown in connection with the consummation of such sale. 2. Equal to total debt as of September 30, 2025 less expected debt paydown range. 3. Expected Remaining Cash includes cash and cash equivalents as of September 30, 2025 of $99.0 million plus $21.0 million of expected net cash generation in the fourth quarter of 2025 plus Excess Cash as calculated above. 4. Refer to Ecovyst Revised 2025 Outlook and 2026 Expectations for current guidance on Adjusted EBITDA.