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Investor PresentationBWS Financial Growth ConferenceAugust 25, 2026
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Investor Overview/2 Legal DiscussionContinuing OperationsFinancial results are presented on a continuing operations basis, which excludes the Advanced Materials & Catalysts business, which was sold effective December 31, 2025.Forward-Looking StatementsSome 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 andother future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that aredifficult to predict. Examples of forward-looking statements include, but are not limited to, statements regarding our future results of operations, financial condition, capitalexpenditure projects, liquidity, prospects, growth, strategies, capital allocation program (including the stock repurchase program), product and service offerings, expecteddemand trends, the integration of our recently-acquired Calabrian business and the expected financial contributions relating to such acquisition, and our revised 2026financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing anyundue reliance on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Importantfactors 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, military conflicts, currencyexchange rates, local business risks in different countries as a result of being a multinational business, the effects of inflation, our ability to successfully integrate theCalabrian sulfur dioxide and sulfur derivatives business into our business and realize the benefits of that acquisition and other factors, including those described in thesections titled “Risk Factors” and “Management’s Discussion & Analysis of Financial Condition and Results of Operations” in our filings with the SEC, which are available onthe 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 differmay 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 resultof new information, future developments or otherwise, except as may be required by applicable law.Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Free Cash Flow, AdjustedFree Cash Flow, Net Debt and Net Debt Leverage Ratio, which are provided to assist in an understanding of our business and its performance. These non-GAAP financialmeasures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Non-GAAP financial measuresshould be read only in conjunction with consolidated financials prepared in accordance with GAAP. Reconciliations of non-GAAP measures to the relevant GAAP measuresare 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 isnot able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of theinherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation such as certain non-cash, nonrecurring or other items that are includedin 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 thatare 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, theCompany is unable to address the probable significance of the unavailable information, which could be material to future results.
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Investor Overview/3 Legal DiscussionSupply Share and Industry Information Certain statistical information used in this presentation is based on independent industry publications, reports by research firms or other published independentsources. Some statistical information is also based on our good faith estimates which are derived from management’s knowledge of our industry and suchindependent sources referred to above. Certain supply share statistics, ranking and industry information included in this presentation, including the size of certainmarkets and our estimated supply share position and the supply share positions of our competitors, are based on management estimates. These estimates havebeen 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 fromsurveys, reports by research firms, our customers, distributors, suppliers, trade and business organizations and other contacts in the industries into which we sellour products. We believe these data to be accurate as of the date of this presentation. However, this information may prove to be inaccurate because thisinformation cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the datagathering process and other limitations and uncertainties. Unless otherwise noted, all of our supply share position and industry information presented in thispresentation herein is an approximation based on management’s knowledge and is based on our, or, in the case of supply share position information, excludesvolume attributable to manufacturers who produce primarily for their own consumption. In addition, references to various end uses into which we sell our productsare based on how we define the end uses for our products.
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Investor Overview/4 Ecovyst Business Profile & Value PropositionA leading provider of regenerated sulfuric acid, virgin sulfuric acid, and sulfur dioxide and related derivatives, essential to our customers’ operations and processes•Favorable exposure to growing end use segments and macroeconomic tailwinds, including mining (data centers and electricity transmission) and North American re-industrialization •Leading supply positions, holding the #1 or #2 supply share position for products generating > 95% of our 2025 sales•Long-term, high quality customer relationships with secured contractual pass-through of raw materials costs in > 90% of our 2025 sales, featuring minimum volume protection and quarterly price indexation adjustment provisions•Differentiated manufacturing know-how, with proprietary sulfur dioxide production technology, supply chain network with strategically located manufacturing facilities, and a long history of operational excellence and proven reliability•Attractive Adjusted EBITDA margins and strong cash flow generation•Strong historical balance sheet with a net debt leverage ratio of 2.0x at 6/30/2026
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Investor Overview/5 Strategy Execution - Building Platform of Leading Sulfur Solutions
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Investor Overview/6 Ecovyst Products and Services
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Investor Overview/7 Demand Drivers
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Investor Overview/8 51. Source - INEOS Enterprises Acquisition of Calabrian Sulfur Dioxide & Derivatives Business Calabrian supports customer’s need for a reliable supply of ultra-pure sulfur dioxide and related derivatives delivering high-purity solutions across water treatment, mining, energy, and other specialty applicationsOverview• Production sites in Port Neches, Texas and Timmins, Ontario, Canada• Sole on-purpose sulfur dioxide (SO2) producer in North America (> 50% supply share)• A leading producer of sodium bisulfite (SBS) and sodium thiosulfate (STS) • Sole North American producer of sodium metabisulfite (SMBS)• Proprietary SO2Clean® process technology• Long-standing blue-chip customer base with significant long-term contracts and sales visibility
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Investor Overview/9 Ecoservices and Chem32: Leading provider of regenerated sulfuric acid, virgin sulfuric acid, and treatment services Leading ex-situ provider of catalyst activation servicesPRODUCTS Chem32Orange, TXPlant SitesMartinez, CA Baton Rouge, LA Dominguez, CA Baytown, TXHammond, IN Houston, TX • Long-term contracts with cost pass-through• Typically, 100% of supply for customer sites• Take-or-pay and capacity reservation fees FAVORABLE CUSTOMER POSITIONS• Managing end to end supply chain & customer inventories• Production redundancy in key refining locations enables the highest degree of reliabilityUNRIVALED SUPPLY INFRASTRUCTURE • Sulfuric Acid Regeneration• Virgin Sulfuric Acid• Treatment Services• Catalyst activation (Chem32) PIPELINE~15% RAIL~29% TRUCK~28% BARGE~28% • Holding the #1 or #2 supply share position for products generating > 95% of our salesLEADING SUPPLY POSITIONS
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Investor Overview/10 Chem 32Orange, TXMartinez, CA Baton Rouge, LADominguez, CABaytown, TXHammond, INHouston, TXWaggaman, LAPortland, OREco Services Corporate Office, The Woodlands, TXEcovystCorporate Office, Chesterbrook, PA Plant LocationsOffices 11Chemical Plants Port Neches, TX Timmins, Canada Calabrian Corporate Office, Columbus, Ohio Ecovyst Site Map
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Investor Overview/11 CalabrianProvider of sulfur dioxide and sulfur-based derivatives as essential inputs in the mining industry's cyanide-destruction processes and in other applications within water treatment, specialty chemicals and food preservativesManufacturing sites strategically positioned close to key end-customers•Products: Sulfur Dioxide (SO2), Sodium Bisulfate (SBS), Sodium Thiosulfate (STS), and Sodium Metabisulfite (SMBS)•Technology: SO2Clean®•Focus applications: Personal care, food grade preservatives, water treatment•Products: Sulfur Dioxide (SO2)•Technology: SO2Clean®•Focus applications:mining Port Neches, USA Timmins, Canada 12 TimminsPort Neches
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Second Quarter 2026Financial Performance
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Investor Overview/13 Key Highlights - Continuing OperationsQ2 2026 Key Highlights$13 MlnAdjusted Free Cash Flow1,2 $53 Mln Adj. EBITDA Q2 20261$250 MlnSalesQ2 2026$176 MlnLiquidity42.0xNet Debt Leverage Ratio1,3$146 MlnShare Repurchase Authorization Remaining1. See Appendix for reconciliations of Non-GAAP financial measures2. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the six months ended June 30, 2026 3. Net Debt Leverage Ratio = (Total debt – Cash and Cash equivalents) / Adjusted EBITDA4. Liquidity = Total cash & cash equivalents of $88 million + Availability on revolving ABL facility of $88 million.
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Investor Overview/14 Financial Performance - Q2 2026% Change$ ChangeSecond Quarter 2025Second Quarter 2026($ in millions)42.073.9176.1250.0Sales114.05.75.010.7Net Income150 bps2.84.3Net Income Margin (%)26.711.241.953.1Adjusted EBITDA1 (260) bps23.821.2Adjusted EBITDA Margin1(%) % Change$ Change($ in millions)42.073.9Sales Change Factors9.316.4Volume1.42.5Price (ex sulfur pass-through)31.355Price impact of sulfur pass-through 1. See Appendix for reconciliations of non-GAAP measures Second Quarter Financial Results - Continuing OperationsHighlights• Sales increase driven by higher sales volume for regenerated sulfuric acid and virgin sulfuric acid, including the contributionfrom the acquired Waggaman assets, and favorable net pricing. The pass-through effect of higher sulfur costs on sales wasapproximately $55 million.• Increase in Adjusted EBITDA1reflects higher sales volume and favorable net pricing, partially offset by higher manufacturingcosts, the impact of general inflation, and higher transportation costs.• Adjusted EBITDA Margin1of 21.2%, down 260 basis points from the year-ago quarter. Excluding the approximately $55million pass-through effect of higher sulfur costs on second quarter sales, the Adjusted EBITDA Margin1would have beenapproximately 600 basis points higher.
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Investor Overview/15 Cash & Leverage 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the six months ended June 30, 20262. Guidance range for Adjusted Free Cash Flow is $45 million to $55 million3. Liquidity = Total cash & cash equivalents of $88 million + Availability on revolving ABL facility of $88 million4. See Appendix for reconciliations of Non-GAAP measuresCash Generation• June YTD Adjusted Free Cash Flow1,4of$12.8 million• June YTD share repurchases of $35.7million• $146 million of share repurchaseauthorization remaining• Available liquidity of $176 million3at June30, 2026 1,42 $45.01.2x 1.2xDebt Profile• Gross debt of $497 million• Cash & cash equivalents of $88 million atJune 30, 2026• Net Debt of $409 million at June 30, 2026 42.0x
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Investor Overview/16 Balanced Capital Allocation Strategy
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APPENDIX
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Investor Overview/18 Sales and Adjusted EBITDA Major Change FactorsSix months endedJune 30, 2026Three months endedJune 30, 2026Sales(in $ millions and %)%$%$Sales:15.248.59.316.4Volume30.497.232.757.5Price/Mix45.6145.742.073.9Sales ChangeSix months endedJune 30, 2026Three months endedJune 30, 2026Adj. EBITDA(in $ millions and %)%$%$Adj EBITDA:33.921.416.26.8Volume/Mix16.110.26.02.5Price1 15.810.015.56.5Variable Cost1 (18.8)(11.9)(11.0)(4.6)Other47.029.726.711.2Adj EBITDA ChangeAdjusted EBITDASales 1. Excludes the sulfur cost pass-through impact reflected in price and the associated sulfur cost reflected in variable cost; $55 million for the three months ended and $87 million for the six months ended June 30, 2026
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Investor Overview/19 Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing OperationsTwelve months endedThree months endedDecember 31, 2025June 30, 2026March 31, 2026June 30, 2025June 30, 2026($ in millions, except %)Reconciliation of net income from continuing operations to Adjusted EBITDA from continuing operations6.325.820.15.010.7Net income from continuing operations19.527.525.42.14.2Provision for income taxes34.224.129.18.53.5Interest expense, net78.681.580.818.919.6Depreciation and amortization138.6158.9155.434.538.0EBITDA5.55.64.5—1.0Debt modification and extinguishment costs5.47.75.60.22.3Net loss on asset disposals(a) 3.410.53.81.48.1Transaction and other related costs(b) 9.710.310.62.82.5Equity-based compensation4.74.85.41.00.4Restructuring, integration and business optimization expenses(c) 4.73.95.22.00.8Other(d) 172.0201.7190.541.953.1Adjusted EBITDA from continuing operations 1EBITDA Adjustments by Line Item138.6158.9155.434.538.0EBITDA9.710.310.62.82.5Selling, general and administrative expenses18.825.920.64.39.6Other operating expense, net4.96.63.90.33.0Other expense (income), net 2 172.0201.7190.541.953.1Adjusted EBITDA from continuing operations723.5795.4795.4176.1250.0Sales23.8%25.4%24.0%23.8%21.2%Adjusted EBITDA from continuing operations margin1. 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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Investor Overview/20 Reconciliation of Net Income from Continuing Operations to Adjusted Net IncomeThree months endedJune 30, 2025June 30, 2026($ in millions, except share and per share amounts)Per share, dilutedPer share, basicAfter-taxTax expense (benefit)Pre-taxPer share, dilutedPer share, basicAfter-taxTax expense (benefit)Pre-taxReconciliation of net income from continuing operations to Adjusted Net Income 1,2 0.040.045.02.07.00.100.1010.74.214.9Net income from continuing operations—————0.010.010.80.21.0Debt modification and extinguishment costs——0.20.10.30.010.011.70.62.3Net loss on asset disposals(a) 0.010.011.20.31.50.070.077.50.68.1Transaction and other related costs(b) 0.020.022.9(0.1)2.80.020.021.80.72.5Equity-based compensation0.010.010.70.31.0——0.30.10.4Restructuring, integration and business optimization expenses(c) 0.020.021.40.41.8——0.60.20.8Other(d) 0.100.1011.43.014.40.210.2123.46.630.0Adjusted Net Income 11. 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 (loss) 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"* Rounding discrepancies may arise when rounding results from dollars (in thousands) to dollars (in millions)
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Investor Overview/21 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 increase. 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) Reconciliation of Net Income from Continuing Operations to Adjusted Net IncomeYear endedDecember 31, 2025($ in millions, except share and per share amounts)Per share, dilutedPer share, basicAfter-taxTax expense (benefit)Pre-taxReconciliation of net income from continuing operations to Adjusted Net Income 1,20.050.056.319.525.8Net income from continuing operations0.040.044.11.45.5Debt modification and extinguishment costs0.040.044.11.35.4Net loss on asset disposals(a)0.020.022.50.93.4Transaction and other related costs(b)0.070.078.41.39.7Equity-based compensation0.030.033.51.24.7Restructuring, integration and business optimization expenses(c) 0.030.033.61.14.7Other(d) 0.280.2832.526.759.2Adjusted Net Income, including impact of valuation allowance increase and changes in uncertain tax positions0.110.1213.3(13.3)—Impact of valuation allowance increase 3 ——(0.1)0.1—Changes in uncertain tax positions 4 0.390.4045.713.559.2Adjusted Net Income 1
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Investor Overview/22 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-cashwrite-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, pendingor 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 representativeof our ongoing business operations.(d) Other consists of adjustments for items that are not core to our ongoing business operations. These adjustments include environmentalremediation and other legal costs, expenses for capital and franchise taxes, and defined benefit pension and postretirement plan (benefits)costs, for which our obligations relate to plans that are frozen. Included in this line-item are rounding discrepancies that may arise fromrounding from dollars (in thousands) to dollars (in millions).
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Investor Overview/23 Full Year2025Six months endedJune 30, 2025Six months endedJune 30, 2026($ in millions)140.343.351.3Net cash provided by operating activities91.549.544.8Less: Purchases of property, plant and equipment1 48.8(6.2)6.5Free Cash Flow1.01.01.0Cash paid for debt financing costs6.12.84.2Cash paid for costs related to acquisitions17.6—1.1Cash paid for costs related to the segment disposal4.6——Interest paid with debt prepayment78.1(2.4)12.8Adjusted Free Cash FlowAdjusted Free Cash Flow 1. Includes purchases of property, plant and equipment reported in discontinued operations for the six months ended June 30, 2025 and full year 20252. 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)Full Year2025Six months endedJune 30, 2025Six months endedJune 30, 2026($ in millions)Included in net cash provided by operating activities are the following supplemental cash items:11.08.87.7Cash paid for taxes, net of refunds50.823.410.1Cash paid for interest2
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Investor Overview/24 Net Debt Leverage Ratio - Continuing OperationsDecember 31, 2025March 31, 2026June 30, 2026($ in millions, except %)397.1397.1497.1Total debt197.2162.687.8Less: Cash and cash equivalents199.9234.5409.3Net debtTrailing twelve months:6.320.125.8Net income from continuing operations172.0190.5201.7Adjusted EBITDA from continuing operations1 31.7x11.7x15.9xNet Debt to Net Income Ratio1.2x1.2x2.0xNet Debt Leverage Ratio1. For additional information with respect to each adjustment, see appendix "Descriptions for reconciliation of Non-GAAP financial measures"