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Second Quarter 2026 August 5 , 2026-11 a.m. ET WR WD - GRADE PREMIUM 93 ecovyst
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SECOND QUARTER EARNINGS 2026 / 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, the integration of our recently-acquired Calabrian business and the expected financial contributions relating to such acquisition, and our revised 2026 financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing any 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, military conflicts, currency exchange rates, local business risks in different countries as a result of being a multinational business, the effects of inflation, our ability to successfully integrate the Calabrian sulfur dioxide and sulfur derivatives business into our business and realize the benefits of that acquisition 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, Net Debt 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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SECOND QUARTER EARNINGS 2026 / 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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SECOND QUARTER EARNINGS 2026 / 4 3 Virgin sulfuric acid volume increased by a double digit percentage based on demand growth and contribution of acquired Waggaman assets Adjusted EBITDA1 up 27% compared to Q2'25, driven by higher volume and favorable net pricing 5 Closed Calabrian acquisition on June 30, 20264 5 Key Messages - Second Quarter 2026 2 1 High refinery utilization and positive alkylate economics contributed to increased volume for regenerated sulfuric acid 1. See Appendix for reconciliations of Non-GAAP financial measures
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SECOND QUARTER EARNINGS 2026 / 5 Strategy Execution - Building Platform of Leading Sulfur Solutions
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SECOND QUARTER EARNINGS 2026 / 6 Demand Trends and Outlook 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months
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Second Quarter 2026 Financial Performance
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SECOND QUARTER EARNINGS 2026 / 8 Key Highlights - Continuing Operations Q2 2026 Key Highlights $250 Mln Sales Q2 2026 $53 Mln Adj. EBITDA Q2 20261 $13 Mln Adjusted Free Cash Flow1,2 $146 Mln Share Repurchase Authorization Remaining 2.0x Net Debt Leverage Ratio1,3 $176 Mln Liquidity4 1. See Appendix for reconciliations of Non-GAAP financial measures 2. 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 EBITDA 4. Liquidity = Total cash & cash equivalents of $88 million + Availability on revolving ABL facility of $88 million.
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SECOND QUARTER EARNINGS 2026 / 9 Financial Performance - Q2 2026 ($ in millions) Second Quarter 2026 Second Quarter 2025 $ Change % Change Sales 250.0 176.1 73.9 42.0 Net Income 10.7 5.0 5.7 114.0 Net Income Margin (%) 4.3 2.8 150 bps Adjusted EBITDA1 53.1 41.9 11.2 26.7 Adjusted EBITDA Margin1 (%) 21.2 23.8 (260) bps ($ in millions) $ Change % Change Sales Change Factors 73.9 42.0 Volume 16.4 9.3 Price (ex sulfur pass-through) 2.5 1.4 Price impact of sulfur pass-through 55 31.3 1. See Appendix for reconciliations of non-GAAP measures Second Quarter Financial Results - Continuing Operations Highlights • Sales increase driven by higher sales volume for regenerated sulfuric acid and virgin sulfuric acid, including the contribution from the acquired Waggaman assets, and favorable net pricing. The pass-through effect of higher sulfur costs on sales was approximately $55 million. • Increase in Adjusted EBITDA1 reflects higher sales volume and favorable net pricing, partially offset by higher manufacturing costs, the impact of general inflation, and higher transportation costs. • Adjusted EBITDA Margin 1 of 21.2%, down 260 basis points from the year-ago quarter. Excluding the approximately $55 million pass-through effect of higher sulfur costs on second quarter sales, the Adjusted EBITDA Margin 1 would have been approximately 600 basis points higher.
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SECOND QUARTER EARNINGS 2026 / 10 Adjusted EBITDA Bridge - Q2 2026 Increase in Adjusted EBITDA1 reflects favorable net pricing and higher sales volume, including the contribution from the acquired Waggaman sulfuric acid assets, partially offset by higher manufacturing costs, driven by general inflation and increased transportation costs 1. See Appendix for reconciliations of non-GAAP measures 21.2%1 23.8%1 Positive price-cost
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SECOND QUARTER EARNINGS 2026 / 11 Cash & Leverage Adjusted Free Cash Flow $78.1 $12.8 $55.0 $(2.4) 2025 June YTD 2025 June YTD 2026 2026 Guidance 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the six months ended June 30, 2026 2. Guidance range for Adjusted Free Cash Flow is $45 million to $55 million 3. Liquidity = Total cash & cash equivalents of $88 million + Availability on revolving ABL facility of $88 million 4. See Appendix for reconciliations of Non-GAAP measures Cash Generation • June YTD Adjusted Free Cash Flow 1,4 of $12.8 million • June YTD share repurchases of $35.7 million • $146 million of share repurchase authorization remaining • Available liquidity of $176 million 3 at June 30, 2026 1,4 2 Net Debt Leverage Ratio 12/31/2025 3/31/2026 6/30/2026 $45.0 1.2x 1.2x Debt Profile • Gross debt of $497 million • Cash & cash equivalents of $88 million at June 30, 2026 • Net Debt of $409 million at June 30, 2026 4 2.0x
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SECOND QUARTER EARNINGS 2026 / 12 Balanced Capital Allocation Strategy
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SECOND QUARTER EARNINGS 2026 / 13 Revised 2026 Outlook ($ in millions, except per share) 2025 Actual Prior 2026 Outlook Revised 2026 Outlook* Net Sales $724 $890 - $970 $1,020 - $1,060 Adjusted EBITDA1 $172 $180 - $195 $195 - $207 Adjusted Free Cash Flow1,2 $78 $40 - $55 $45 - $55 Capital Expenditures $68 $80 - $90 $85 - $95 Interest Expense3 $34 $18 - $22 $18 - $22 Depreciation & Amortization $79 $78 - $82 $80 - $84 Effective Tax Rate mid 20% range mid 20% range mid - 20% range Adjusted Net Income1,4 $46 $55 - $75 $65 - $85 Adjusted Diluted Income per share1,5 $0.39 $0.50 - $0.65 $0.58 - $0.72 *Revised 2026 Outlook includes projected contributions from the Calabrian business for Q3 2026 and Q4 2026 Adjusted EBITDA1 outlook for 2026 assumes an impact from Calabrian in the second half of 2026 of $10 million to $12 million. Sales outlook for 2026 assumes higher average sulfur prices compared to 2025 and higher projected pass-through of sulfur costs of approximately $220 million (change from approximately $155 million). 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 in 2025 from continuing operations includes a portion that has been allocated to discontinued operations on the basis of the Company's partial repayment of the 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
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SECOND QUARTER EARNINGS 2026 / 14 Ecovyst 2026 Outlook Ecoservices Anticipated Turnaround Schedule Q1 2024 Q2 2024 Q3 2024 Q4 2024 2 2 0 1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2 2 1 0 Q1 2026 Q2 2026 Q3 20261 Q4 20261 3 1 1 1 1 Reflects expected timing for future turnarounds, subject to change Q3 Directional Guidance • Project higher regenerated sulfuric acid volume vs. Q3'25 • Project virgin sulfuric acid volume to be slightly lower than Q3'25 • Expect higher turnaround costs compared to Q3'25 • Anticipate Adjusted EBITDA to be $54 - $59 million Q4 Directional Guidance • Project higher regenerated sulfuric acid volume vs. Q4'25 and favorable contractual pricing • Project lower virgin sulfuric acid volume than in Q4'25 • Anticipate lower pricing for virgin sulfuric acid on timing and mix • Expect higher turnaround costs vs. Q4'25 • Anticipate Adjusted EBITDA to be $48 - $55 million
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SECOND QUARTER EARNINGS 2026 / 15 Raising 2026 Adjusted EBITDA guidance on favorable H1'26 results and positive outlook for legacy business, and to reflect anticipated contribution from Calabrian in H2'26 2 3 4 Net Debt leverage ratio post-close of Calabrian of 2.0x, within long-term target range Summary 1 Integration of Calabrian business underway Maintaining stable demand outlook for balance of 2026
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APPENDIX
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SECOND QUARTER EARNINGS 2026 / 17 Ecovyst Products and Services
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SECOND QUARTER EARNINGS 2026 / 18 Demand Drivers
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SECOND QUARTER EARNINGS 2026 / 19 Sales and Adjusted EBITDA Major Change Factors Sales (in $ millions and %) Three months ended June 30, 2026 Six months ended June 30, 2026 Sales: $ % $ % Volume 16.4 9.3 48.5 15.2 Price/Mix 57.5 32.7 97.2 30.4 Sales Change 73.9 42.0 145.7 45.6 Adj. EBITDA (in $ millions and %) Three months ended June 30, 2026 Six months ended June 30, 2026 Adj EBITDA: $ % $ % Volume/Mix 6.8 16.2 21.4 33.9 Price1 2.5 6.0 10.2 16.1 Variable Cost1 6.5 15.5 10.0 15.8 Other (4.6) (11.0) (11.9) (18.8) Adj EBITDA Change 11.2 26.7 29.7 47.0 Adjusted EBITDA Sales 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 $87 million for the six months ended June 30, 2026
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SECOND QUARTER EARNINGS 2026 / 20 Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing Operations Three months ended Twelve months ended ($ in millions, except %) June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2026 December 31, 2025 Reconciliation of net income from continuing operations to Adjusted EBITDA from continuing operations Net income from continuing operations 10.7 5.0 20.1 25.8 6.3 Provision for income taxes 4.2 2.1 25.4 27.5 19.5 Interest expense, net 3.5 8.5 29.1 24.1 34.2 Depreciation and amortization 19.6 18.9 80.8 81.5 78.6 EBITDA 38.0 34.5 155.4 158.9 138.6 Debt modification and extinguishment costs 1.0 — 4.5 5.6 5.5 Net loss on asset disposals(a) 2.3 0.2 5.6 7.7 5.4 Transaction and other related costs(b) 8.1 1.4 3.8 10.5 3.4 Equity-based compensation 2.5 2.8 10.6 10.3 9.7 Restructuring, integration and business optimization expenses(c) 0.4 1.0 5.4 4.8 4.7 Other(d) 0.8 2.0 5.2 3.9 4.7 Adjusted EBITDA from continuing operations 1 53.1 41.9 190.5 201.7 172.0 EBITDA Adjustments by Line Item EBITDA 38.0 34.5 155.4 158.9 138.6 Selling, general and administrative expenses 2.5 2.8 10.6 10.3 9.7 Other operating expense, net 9.6 4.3 20.6 25.9 18.8 Other expense (income), net 2 3.0 0.3 3.9 6.6 4.9 Adjusted EBITDA from continuing operations 53.1 41.9 190.5 201.7 172.0 Sales 250.0 176.1 795.4 795.4 723.5 Adjusted EBITDA from continuing operations margin 21.2% 23.8% 24.0% 25.4% 23.8% 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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SECOND QUARTER EARNINGS 2026 / 21 Reconciliation of Net Income from Continuing Operations to Adjusted Net Income Three months ended ($ in millions, except share and per share amounts) June 30, 2026 June 30, 2025 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 14.9 4.2 10.7 0.10 0.10 7.0 2.0 5.0 0.04 0.04 Debt modification and extinguishment costs 1.0 0.2 0.8 0.01 0.01 — — — — — Net loss on asset disposals(a) 2.3 0.6 1.7 0.01 0.01 0.3 0.1 0.2 — — Transaction and other related costs(b) 8.1 0.6 7.5 0.07 0.07 1.5 0.3 1.2 0.01 0.01 Equity-based compensation 2.5 0.7 1.8 0.02 0.02 2.8 (0.1) 2.9 0.02 0.02 Restructuring, integration and business optimization expenses(c) 0.4 0.1 0.3 — — 1.0 0.3 0.7 0.01 0.01 Other(d) 0.8 0.2 0.6 — — 1.8 0.4 1.4 0.02 0.02 Adjusted Net Income 1 30.0 6.6 23.4 0.21 0.21 14.4 3.0 11.4 0.10 0.10 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 (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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SECOND QUARTER EARNINGS 2026 / 22 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 Income Year ended ($ in millions, except share and per share amounts) December 31, 2025 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 Net income from continuing operations 25.8 19.5 6.3 0.05 0.05 Debt modification and extinguishment costs 5.5 1.4 4.1 0.04 0.04 Net loss on asset disposals(a) 5.4 1.3 4.1 0.04 0.04 Transaction and other related costs(b) 3.4 0.9 2.5 0.02 0.02 Equity-based compensation 9.7 1.3 8.4 0.07 0.07 Restructuring, integration and business optimization expenses(c) 4.7 1.2 3.5 0.03 0.03 Other(d) 4.7 1.1 3.6 0.03 0.03 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 Impact of valuation allowance increase 3 — (13.3) 13.3 0.12 0.11 Changes in uncertain tax positions 4 — 0.1 (0.1) — — Adjusted Net Income 1 59.2 13.5 45.7 0.40 0.39
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SECOND QUARTER EARNINGS 2026 / 23 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 relate to 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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SECOND QUARTER EARNINGS 2026 / 24 ($ in millions) Six months ended June 30, 2026 Six months ended June 30, 2025 Full Year 2025 Net cash provided by operating activities 51.3 43.3 140.3 Less: Purchases of property, plant and equipment1 44.8 49.5 91.5 Free Cash Flow 6.5 (6.2) 48.8 Cash paid for debt financing costs 1.0 1.0 1.0 Cash paid for costs related to acquisitions 4.2 2.8 6.1 Cash paid for costs related to the segment disposal 1.1 — 17.6 Interest paid with debt prepayment — — 4.6 Adjusted Free Cash Flow 12.8 (2.4) 78.1 Adjusted 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 2025 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) Six months ended June 30, 2026 Six months ended June 30, 2025 Full Year 2025 Included in net cash provided by operating activities are the following supplemental cash items: Cash paid for taxes, net of refunds 7.7 8.8 11.0 Cash paid for interest2 10.1 23.4 50.8
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SECOND QUARTER EARNINGS 2026 / 25 Net Debt Leverage Ratio - Continuing Operations ($ in millions, except %) June 30, 2026 March 31, 2026 December 31, 2025 Total debt 497.1 397.1 397.1 Less: Cash and cash equivalents 87.8 162.6 197.2 Net debt 409.3 234.5 199.9 Trailing twelve months: Net income from continuing operations 25.8 20.1 6.3 Adjusted EBITDA from continuing operations(1) 201.7 190.5 172.0 Net Debt to Net Income Ratio 15.9x 11.7x 31.7x Net Debt Leverage Ratio 2.0x 1.2x 1.2x 1. For additional information with respect to each adjustment, see appendix "Descriptions for reconciliation of Non-GAAP financial measures"