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FOURTH QUARTER EARNINGS 2025 / 1
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FOURTH QUARTER EARNINGS 2025 / 2 Legal Discussion Continuing Operations Financial results are presented on a continuing operations basis, which excludes the Advanced Materials & Catalysts business, which was sold effective December 31, 2025. 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), product and service offerings, expected demand trends and facility turnaround schedule, the impact of the acquisition of the Waggaman sulfuric acid assets, and results and our quarterly and full year 2026 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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FOURTH 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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FOURTH QUARTER EARNINGS 2025 / 4 Key Messages - Fourth Quarter 2025 $465 million of net proceeds from AM&C divestiture used to pay down Term Loan - Net Debt Leverage Ratio1,2 of 1.2x at year end Strong sales volume for virgin sulfuric acid, including Waggaman contribution and favorable regenerated sulfuric acid contractual pricing Completed divestiture of Advanced Materials & Catalysts segment for a sale price of $556 million 1 2 3 5 5 Full-year 2025 Adjusted EBITDA1 of $172 million, ahead of guidance Regeneration services sales lower due to unplanned and extended customer downtime 4 1. See Appendix for reconciliation of Non-GAAP financial measures 2. Net Debt Leverage Ratio = (Total debt – Cash and cash equivalents) / Adjusted EBITDA
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FOURTH QUARTER EARNINGS 2025 / 5 Demand Trends and Drivers 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months
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Fourth Quarter 2025 Financial Performance
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FOURTH QUARTER EARNINGS 2025 / 7 Key Highlights - Q4 2025 Continuing Operations 1. See Appendix for reconciliations of Non-GAAP financial measures 2. Adjusted Free Cash Flow = operating net cash less PPE plus cash adjustments for the twelve months ended December 31, 2025 3. Net Debt Leverage Ratio = (Total debt – Cash and cash equivalents) / Adjusted EBITDA 4. Liquidity = Total cash & cash equivalents of $197 million + Availability on revolving ABL facility of $68 million $199 Mln Sales Q4 2025 $51 Mln 26% Adj. EBITDA and Margin1 Q4 2025 $78 Mln Adjusted Free Cash Flow1,2 FY 2025 $182 Mln Share Repurchase Authorization Remaining 1.2x Net Debt Leverage Ratio1,3 $265 Mln Liquidity4
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FOURTH QUARTER EARNINGS 2025 / 8 Financial Performance - Fourth Quarter and Full Year 2025 ($ in millions) Fourth Quarter 2025 Fourth Quarter 2024 $ Change % Change Sales 199.4 148.9 50.5 33.9 Net Income 9.2 23.8 (14.6) (61.3) Net Income Margin (%) 4.6 16.0 (1,140 bps) Adjusted EBITDA1 51.3 47.7 3.6 7.5 Adjusted EBITDA Margin1 (%) 25.7 32.0 (630 bps) ($ in millions) $ Change % Change Sales Change Factors 50.5 33.9 Volume 18.2 12.2 Price (ex sulfur pass-through) 4.3 2.9 Price impact of sulfur pass- through 28 18.8 Fourth Quarter Financial Results - Continuing Operations 1. See Appendix for reconciliations of non-GAAP measures ($ in millions) Years Ended December 31, $ Change % Change2025 2024 Sales 723.5 598.3 125.2 20.9 Net Income 6.3 45.5 (39.2) (86.2) Net Income Margin (%) 0.9 7.6 (670 bps) Adjusted EBITDA1 172.0 172.7 (0.7) (0.4) Adjusted EBITDA Margin1 (%) 23.8 28.9 (510 bps) ($ in millions) $ Change % Change Sales Change Factors 125.2 20.9 Volume 27.3 4.6 Price (ex sulfur pass-through) 20.9 3.4 Price impact of sulfur pass- through 77 12.9 Full Year Financial Results - Continuing Operations
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FOURTH QUARTER EARNINGS 2025 / 9 Financial Performance - Fourth Quarter 2025 1. See Appendix for reconciliations of non-GAAP measures Highlights • Sales increase driven by higher sales volume for virgin sulfuric acid, including the contribution from the acquired Waggaman assets, and favorable contractual pricing for regenerated sulfuric acid, partially offset by lower sales volume for regenerated sulfuric acid associated with unplanned and extended customer downtime. The pass-through effect of higher sulfur costs on sales was $28 million • Increase in Adjusted EBITDA1 reflects higher sales volume for virgin sulfuric acid and favorable contractual pricing, partially offset by higher manufacturing costs, including the incremental costs from the acquired Waggaman assets • Adjusted EBITDA Margin 1 of 25.7% down 630 basis points from the year-ago quarter, primarily driven by the pass-through effect of higher sulfur costs on sales
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FOURTH QUARTER EARNINGS 2025 / 10 Adjusted EBITDA Bridge - Q4 2025 25.7%1 32.0%1 Positive price to cost ratio reflecting favorable contract pricing in regeneration services. Higher volume of virgin sulfuric acid partially offset by lower sales of regenerated sulfuric acid associated with unplanned and extended customer downtime Positive price-cost 1. See Appendix for reconciliations of non-GAAP measures
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FOURTH QUARTER EARNINGS 2025 / 11 Cash & Debt Adjusted Free Cash Flow $85.5 $78.1 2024 2025 1,2 Cash Generation • 2025 Adjusted Free Cash Flow was used for: ◦ Q2'25 acquisition of Waggaman sulfuric acid production assets for total price of $41 million ◦ 2025 share repurchases of $47 million • Available liquidity of $265 miillion 3 at December 31, 2025 Gross Debt and Debt Paydown $864 $397 Gross Debt - Q3 2025 Paydown Post-Close Debt Balance $465 Mln Debt Profile • Upon closing of AM&C divestiture, used $465 million of net proceeds to pay down Term Loan, resulting in outstanding debt of $397 million • Post-close cash balance, after paydown of Term Loan, of $197 million • Net Debt Leverage Ratio2 of 1.2x 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments. 2. See Appendix for reconciliations of non-GAAP measures 3. Liquidity = Total cash & cash equivalents of $197 million + Availability on revolving ABL facility of $68 million
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FOURTH QUARTER EARNINGS 2025 / 12 Ecovyst 2026 Outlook 1. See Appendix for reconciliations of non-GAAP measures 2. Adjusted Free Cash Flow for 2025 Actual includes the cash flow from both continuing operations and discontinued operations 3. Interest expense from continuing operations for 2025 includes a portion that has been allocated to discontinued operations on the basis of the Company's partial repayment of its Term Loan Facility 4. Adjusted Net Income consists of net income from continuing operations adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance 5. Adjusted Net Income on a diluted per share basis ($ in millions, except per share) 2025 Actual Continuing Operations 2026 Outlook Net Sales $724 $860 - $940 Adjusted EBITDA1 $172 $175 - $195 Adjusted Free Cash Flow1,2 $78 $35 - $55 Capital Expenditures $68 $80 - $90 Interest Expense3 $34 $18 - $22 Depreciation & Amortization $79 $78 - $82 Effective Tax Rate mid 20% range mid 20% range Adjusted Net Income1,4 $46 $55 - $75 Adjusted Diluted Income per share1,5 $0.39 $0.45 - $0.65 • Relative to 2025, the pass-through effect of changes in sulfur costs on 2026 Sales is expected to be approximately $125 million
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FOURTH QUARTER EARNINGS 2025 / 13 Ecovyst 2026 Outlook - Quarterly Directional Guidance Q1 2026 • Favorable contractual pricing expected for regeneration services • Higher sulfuric acid volume expected on mining demand and Waggaman contribution • Higher expected turnaround and transportation costs compared to Q1 2025 • Anticipate Adjusted EBITDA to be up ~$8 million to $13 million vs. Q1 2025 Q2 2026 • Regeneration volume expected to be up along with favorable contractual pricing • Virgin sulfuric acid volume expected to be up on mining demand and Waggaman contribution • Stable pricing expected for virgin sulfuric acid • Anticipate Adjusted EBITDA to be between $50 million and $55 million Q3 2026 • Project higher year-over-year regeneration volume • Virgin sulfuric acid volume expected to be essentially flat year-over-year • Higher expected turnaround costs compared to Q3 2025 • Anticipate Adjusted EBITDA to be between $50 million and $55 million Q4 2026 • Project higher year-over-year regeneration volume and favorable contractual pricing • Virgin sulfuric acid volume expected to be lower year-over-year • Higher expected turnaround costs compared to Q4 2025 • Anticipate Adjusted EBITDA to be between $45 million and $50 million Turnaround Schedule Q1 2024 Q2 2024 Q3 2024 Q4 2024 2 2 0 1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2 1 1 0 Q1 20261 Q2 20261 Q3 20261 Q4 20261 3 1 1 2 1 Reflects expected timing for future turnarounds, subject to change
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FOURTH QUARTER EARNINGS 2025 / 14 Summary Planned deployment of growth capital to accelerate organic growth Demand outlook currently positive. Anticipate higher volume for regeneration services and virgin sulfuric acid Expect favorable contractual pricing for regeneration services and stable pricing for virgin sulfuric acid 1 2 3 4 Strong liquidity and leverage position provides flexibility for business investment and continued return of capital to stockholders through active share repurchase program
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Fourth Quarter 2025 Financial Performance Appendix
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FOURTH QUARTER EARNINGS 2025 / 16 Sales and Adjusted EBITDA Major Change Factors Sales (in $ millions and %) Three months ended December 31, 2025 Year ended December 31, 2025 Sales: $ % $ % Volume 18.2 12.2 27.3 4.6 Price/Mix 32.3 21.7 97.9 16.3 Sales Change 50.5 33.9 125.2 20.9 Adj. EBITDA (in $ millions and %) Three months ended December 31, 2025 Year ended December 31, 2025 Adj EBITDA: $ % $ % Volume/Mix 5.8 12.2 4.0 2.3 Price1 4.3 9.0 20.9 12.1 Variable Cost1 4.0 8.4 4.6 2.7 Other (10.5) (22.1) (30.2) (17.5) Adj EBITDA Change 3.6 7.5 (0.7) (0.4) Adjusted EBITDA Sales 1. Excludes the sulfur cost pass-through impact reflected in price and the associated sulfur cost reflected in variable cost; $28 million for the three months ended and and $77 million for the year ended December 31, 2025
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FOURTH QUARTER EARNINGS 2025 / 17 Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing Operations Three months ended Years ended ($ in millions, except %) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Reconciliation of net income from continuing operations to Adjusted EBITDA from continuing operations Net income from continuing operations 9.2 23.8 6.3 45.5 (Benefit) provision for income taxes (0.5) (8.3) 19.5 (0.3) Interest expense, net 8.8 8.7 34.2 36.5 Depreciation and amortization 20.7 18.0 78.6 70.5 EBITDA 38.2 42.2 138.6 152.2 Debt modification and extinguishment costs 4.6 — 5.5 4.6 Net loss on asset disposals(a) 1.4 1.4 5.4 2.3 Transaction and other related costs(b) 0.6 0.3 3.4 0.4 Equity-based compensation 2.1 2.8 9.7 11.1 Restructuring, integration and business optimization expenses(c) 1.8 — 4.7 0.3 Other(d) 2.6 1.0 4.7 1.8 Adjusted EBITDA from continuing operations1 51.3 47.7 172.0 172.7 EBITDA Adjustments by Line Item EBITDA 38.2 42.2 138.6 152.2 Selling, general and administrative expenses 2.1 2.8 9.7 11.1 Other operating expense, net 6.7 2.9 18.8 4.4 Other expense (income), net 2 4.3 (0.2) 4.9 5.0 Adjusted EBITDA from continuing operations 51.3 47.7 172.0 172.7 Sales 199.4 148.9 723.5 598.3 Adjusted EBITDA from continuing operations margin 25.7% 32.0% 23.8% 28.9% 1. For additional information with respect to each adjustment, see appendix "Descriptions for reconciliation of Non-GAAP financial measures" 2. Other expense (income), 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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FOURTH QUARTER EARNINGS 2025 / 18 Reconciliation of Net Income from Continuing Operations to Adjusted Net Income Years ended ($ in millions, except share and per share amounts) December 31, 2025 December 31, 2024 Reconciliation of net income from continuing operations to Adjusted Net Income 1,2 Pre-tax Tax expense (benefit) After-tax Per share, basic Per share, diluted Pre-tax Tax expense (benefit) After-tax Per share, basic Per share, diluted Net income from continuing operations 25.8 19.5 6.3 0.05 0.05 45.2 (0.3) 45.5 0.39 0.39 Debt modification and extinguishment costs 5.5 1.4 4.1 0.04 0.04 4.6 1.2 3.4 0.03 0.03 Net loss on asset disposals(a) 5.4 1.3 4.1 0.04 0.04 2.3 0.6 1.7 0.01 0.01 Transaction and other related costs(b) 3.4 0.9 2.5 0.02 0.02 0.4 0.1 0.3 — — Equity-based compensation 9.7 1.3 8.4 0.07 0.07 11.1 2.4 8.7 0.07 0.07 Restructuring, integration and business optimization expenses(c) 4.7 1.2 3.5 0.03 0.03 0.3 0.1 0.2 — — Other(d) 4.7 1.1 3.6 0.03 0.03 1.8 0.5 1.3 0.02 0.02 Adjusted Net Income, including impact of valuation allowance increase and changes in uncertain tax positions 59.2 26.7 32.5 0.28 0.28 65.7 4.6 61.1 0.52 0.52 Impact of valuation allowance increase 3 — (13.3) 13.3 0.12 0.11 — — — — — Changes in uncertain tax positions 4 — 0.1 (0.1) — — — 9.4 (9.4) (0.08) (0.08) Adjusted Net Income 1 59.2 13.5 45.7 0.40 0.39 65.7 14.0 51.7 0.44 0.44 1. We define Adjusted Net Income as net income from continuing operations adjusted for non-operating income or expense and the impact of certain non-cash or other items that are included in net income from continuing operations that we do not consider indicative of our ongoing operating performance. Adjusted Net Income is presented as a key performance indicator as we believe it will enhance a prospective investor’s understanding of our results of operations and financial condition. Adjusted Net Income may not be comparable with net income from continuing operations or Adjusted Net Income as defined by other companies. 2. For additional information with respect to each adjustment, see appendix "Descriptions for reconciliation of Non-GAAP financial measures" 3. Represents the tax impact of the state tax credit valuation allowance release. Item is not expected to be recurring. 4. Represents the tax impact of previously net unrecognized tax benefits, excluding interest and penalties, primarily due to the expiration of statutes of limitations. * Rounding discrepancies may arise when rounding results from dollars (in thousands) to dollars (in millions)
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FOURTH QUARTER EARNINGS 2025 / 19 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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FOURTH QUARTER EARNINGS 2025 / 20 Adjusted Free Cash Flow ($ in millions) Full Year 2025 Full Year 2024 Net cash provided by operating activities 140.3 149.9 Less: Purchases of property, plant and equipment1 91.5 69.0 Free Cash Flow 48.8 80.9 Cash paid for debt financing costs 1.0 4.6 Cash paid for costs related to the Waggaman acquisition 6.1 — Cash paid for costs related to the segment disposal 17.6 — Interest paid with debt prepayment 4.6 — Adjusted Free Cash Flow 78.1 85.5 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) Full Year 2025 Full Year 2024 Included in net cash provided by operating activities are the following supplemental cash items: Cash paid for taxes 11.0 26.3 Cash paid for interest2 50.8 49.0
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FOURTH QUARTER EARNINGS 2025 / 21 Net Debt Leverage Ratio - Continuing Operations ($ in millions, except %) December 31, 2025 Total debt 397.1 Less: Cash and cash equivalents 197.2 Net debt 199.9 Net income from continuing operations 6.3 Adjusted EBITDA from continuing operations 172.0 Net Debt to Net Income Ratio 31.7x Net Debt Leverage Ratio 1.2x
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Driving progress by delivering reliable sulfur solutions for clean fuels and critical materials