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Third Quarter 2026 November 5, 2026 — 11 a.m. ET
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THIRD 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 and expected repurchases), product and service offerings, expected demand trends, the integration of our recently-acquired Calabrian business and the expected financial contributions relating to, and anticipated synergies resulting from, 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 presentation. 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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THIRD 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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THIRD QUARTER EARNINGS 2026 / 4 3 Q3'26 virgin sulfuric acid volume down modestly vs. strong Q3'25, YTD volume up 11% vs. 2025 Adjusted EBITDA1 up 6.4% compared to Q3'25, on higher volume and sales, favorable contractual pricing and Calabrian contribution 5 Increased midpoint of 2026 Adjusted EBITDA guidance range by approximately $9 million4 5 Key Messages - Third Quarter 2026 2 1 High refinery utilization and increased customer exports supported higher volume for regenerated sulfuric acid 1. See Appendix for reconciliations of Non-GAAP financial measures
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THIRD QUARTER EARNINGS 2026 / 5 Demand Trends and Outlook 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months
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Third Quarter 2026 Financial Performance
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THIRD QUARTER EARNINGS 2026 / 7 Key Highlights - Continuing Operations Q3 2026 Key Highlights $309 Mln Sales Q3 2026 $61 Mln Adj. EBITDA Q3 20261 $32 Mln Adjusted Free Cash Flow1,2 $144 Mln Share Repurchase Authorization Remaining 2.1x Net Debt Leverage Ratio1,3 $167 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 nine months ended September 30, 2026 3. Net Debt Leverage Ratio = (Total debt – Cash and Cash equivalents) / Adjusted EBITDA 4. Liquidity = Total cash & cash equivalents of $71 million + Availability on revolving ABL facility of $96 million.
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THIRD QUARTER EARNINGS 2026 / 8 Financial Performance - Q3 2026 ($ in millions) Third Quarter 2026 Third Quarter 2025 $ Change % Change Sales 308.6 204.9 103.7 50.6 Net Income 18.4 0.2 18.2 NM Net Income Margin (%) 6.0 0.1 590 bps Adjusted EBITDA1 61.2 57.5 3.7 6.4 Adjusted EBITDA Margin1 (%) 19.8 28.1 (830) bps ($ in millions) $ Change % Change Sales Change Factors 103.7 50.6 Volume 31.1 15.2 Price (ex sulfur pass-through) 5.6 2.7 Price impact of sulfur pass-through 67 32.7 1. See Appendix for reconciliations of non-GAAP measures Third Quarter Financial Results - Continuing Operations Highlights • Sales increase driven by higher sales volume for regenerated sulfuric acid, higher sales for virgin sulfuric acid, favorable net pricing and the contribution from Calabrian. T he pass-through effect of higher sulfur costs on sales was approximately $67 million. • Increase in Adjusted EBITDA 1 reflects higher sales volume, favorable net pricing and the contribution from the Calabrian business, partially offset by higher manufacturing costs, the impact of general inflation, and turnaround costs. • Adjusted EBITDA Margin 1 of 19.8%, down 830 basis points from the year-ago quarter. Excluding the approximately $67 million pass-through effect of higher sulfur costs on third quarter sales, the Adjusted EBITDA Margin 1 would have been approximately 550 basis points higher.
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THIRD QUARTER EARNINGS 2026 / 9 Adjusted EBITDA Bridge - Q3 2026 Increase in Adjusted EBITDA1 reflects favorable net pricing and higher sales volume, driven by strong demand, less customer down-time, and the contribution from the Calabrian business, partially offset by higher manufacturing costs, driven by the Calabrian business, general inflation and increased turnaround costs 1. See Appendix for reconciliations of non-GAAP measures 19.8%1 28.1%1 Positive price-cost
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THIRD QUARTER EARNINGS 2026 / 10 Cash & Leverage Adjusted Free Cash Flow $42.4 $32.4 $60.0 September YTD 2025 September YTD 2026 2026 Guidance 1. Adjusted Free Cash Flow = operating cash less PPE plus cash adjustments for the nine months ended September 30, 2026 2. Guidance range for Adjusted Free Cash Flow is $50 million to $60 million 3. Liquidity = Total cash & cash equivalents of $71 million + Availability on revolving ABL facility of $96 million 4. See Appendix for reconciliations of Non-GAAP measures Cash Generation • September YTD Adjusted Free Cash Flow1,4 of $32.4 million • September YTD share repurchases of $38.4 million • $144 million of share repurchase authorization remaining • Available liquidity of $167 million 3 at September 30, 2026 1,4 2 Net Debt Leverage Ratio 12/31/20253/31/20266/30/20269/30/2026 $50.0 1.2x 1.2x Debt Profile • Gross debt of $497 million • Cash & cash equivalents of $71 million at September 30, 2026 • Net Debt of $426 million at September 30, 2026 4 2.0x 2.1x
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THIRD QUARTER EARNINGS 2026 / 11 Revised 2026 Outlook ($ in millions, except per share) 2025 Actual Prior 2026 Outlook Revised 2026 Outlook* Net Sales $724 $1,020 - $1,060 $1,050 - $1,070 Adjusted EBITDA1 $172 $195 - $207 $208 - $212 Adjusted Free Cash Flow1,2 $78 $45 - $55 $50 - $60 Capital Expenditures $68 $85 - $95 $90 - $95 Interest Expense3 $34 $18 - $22 $19 - $21 Depreciation & Amortization $79 $80 - $84 $84 - $88 Effective Tax Rate mid 20% range mid 20% range mid - 20% range Adjusted Net Income1,4 $46 $65 - $85 $70 - $85 Adjusted Net Income per diluted share1,5 $0.39 $0.58 - $0.72 $0.63 - $0.77 *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 fourth quarter of $5 million to $6 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. 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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THIRD QUARTER EARNINGS 2026 / 12 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 2026 Q4 20261 3 1 1 0 Q1 20271 Q2 20271 Q3 20271 Q4 20271 3 1 1 1 1 Reflects expected timing for future turnarounds, subject to change 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 • Now project no material turnaround costs in Q4'26, similar to Q4'25 • Anticipate Adjusted EBITDA to be $54 - $58 million
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THIRD QUARTER EARNINGS 2026 / 13 Raising 2026 Adjusted EBITDA guidance midpoint by $9 million to reflect continued confidence in outlook as well as the deferral of a $3 million turnaround into early 2027 2 3 4 Plan to maintain balanced capital allocation strategy - targeting H2'26 share repurchases of up to $20 million Summary 1 Calabrian investment thesis intact, integration underway and synergy delivery on track YTD positive momentum expected to continue through balance of year
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APPENDIX
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THIRD QUARTER EARNINGS 2026 / 15 Ecovyst Products and Services
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THIRD QUARTER EARNINGS 2026 / 16 Demand Drivers
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THIRD QUARTER EARNINGS 2026 / 17 Sales and Adjusted EBITDA Major Change Factors Sales (in $ millions and %) Three months ended September 30, 2026 Nine months ended September 30, 2026 Sales: $ % $ % Volume 31.1 15.2 79.7 15.2 Price/Mix 72.6 35.4 169.8 32.4 Sales Change 103.7 50.6 249.5 47.6 Adj. EBITDA (in $ millions and %) Three months ended September 30, 2026 Nine months ended September 30, 2026 Adj EBITDA: $ % $ % Volume/Mix 15.3 26.6 36.7 30.4 Price1 5.6 9.7 15.8 13.1 Variable Cost1 4.3 7.5 14.3 11.8 Other (21.5) (37.4) (33.3) (27.5) Adj EBITDA Change 3.7 6.4 33.5 27.8 Adjusted EBITDA Sales 1. Excludes the sulfur cost pass-through impact reflected in price and the associated sulfur cost reflected in variable cost; $67 million for the three months ended and $154 million for the nine months ended September 30, 2026
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THIRD QUARTER EARNINGS 2026 / 18 Reconciliation of Net Income (Loss) from Continuing Operations to Adjusted EBITDA from Continuing Operations Three months ended Nine months ended Twelve months ended ($ in millions, except %) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 June 30, 2026 September 30, 2026 December 31, 2025 Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations Net income (loss) from continuing operations 18.4 0.2 34.8 (2.9) 20.1 25.8 44.0 6.3 Provision for income taxes 4.5 20.2 12.3 20.0 25.4 27.5 11.8 19.5 Interest expense, net 6.2 8.6 12.9 25.3 29.1 24.1 21.7 34.2 Depreciation and amortization 23.3 20.7 63.4 58.0 80.8 81.5 84.1 78.6 EBITDA 52.4 49.7 123.4 100.4 155.4 158.9 161.6 138.6 Debt modification and extinguishment costs — — 1.0 1.0 4.5 5.6 5.6 5.5 Net loss on asset disposals(a) 0.7 3.6 3.4 4.0 5.6 7.7 4.8 5.4 Transaction and other related costs(b) 0.9 0.6 10.3 2.8 3.8 10.5 10.8 3.4 Equity-based compensation 2.4 2.3 8.4 7.6 10.6 10.3 10.4 9.7 Restructuring, integration and business optimization expenses(c) 3.6 1.8 4.7 2.9 5.4 4.8 6.6 4.7 Other(d) 1.2 (0.5) 3.0 2.0 5.2 3.9 5.6 4.7 Adjusted EBITDA from continuing operations 1 61.2 57.5 154.2 120.7 190.5 201.7 205.4 172.0 EBITDA Adjustments by Line Item EBITDA 52.4 49.7 123.4 100.4 155.4 158.9 161.6 138.6 Selling, general and administrative expenses 2.4 2.3 8.4 7.6 10.6 10.3 10.4 9.7 Other operating expense, net 6.2 6.2 17.4 12.0 20.6 25.9 25.9 18.8 Other expense (income), net 2 0.2 (0.7) 5.0 0.7 3.9 6.6 7.5 4.9 Adjusted EBITDA from continuing operations 61.2 57.5 154.2 120.7 190.5 201.7 205.4 172.0 Sales 308.6 204.9 773.6 524.1 795.4 869.3 973.0 723.5 Adjusted EBITDA from continuing operations Margin 19.8% 28.1% 19.9% 23.0% 24.0% 23.2% 21.1% 23.8% 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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THIRD QUARTER EARNINGS 2026 / 19 Reconciliation of Net Income from Continuing Operations to Adjusted Net Income Three months ended ($ in millions, except share and per share amounts) September 30, 2026 September 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 22.9 4.5 18.4 0.17 0.17 20.4 20.2 0.2 — — Net loss on asset disposals(a) 0.7 0.2 0.5 — — 3.6 0.9 2.7 0.02 0.02 Transaction and other related costs(b) 0.9 — 0.9 0.01 0.01 0.6 0.2 0.4 — — Equity-based compensation 2.4 0.5 1.9 0.02 0.02 2.3 0.6 1.7 0.02 0.02 Restructuring, integration and business optimization expenses(c) 3.6 0.9 2.7 0.02 0.02 1.8 0.5 1.3 0.01 0.01 Other(d) 1.2 0.3 0.9 0.01 0.01 (0.5) (0.1) (0.4) — — Adjusted Net Income, including intraperiod allocation 31.7 6.4 25.3 0.23 0.23 28.2 22.3 5.9 0.05 0.05 Intraperiod allocation for restating discontinued operations 3 — — — — — — (15.6) 15.6 0.14 0.14 Adjusted Net Income 1 31.7 6.4 25.3 0.23 0.23 28.2 6.7 21.5 0.19 0.19 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. Due to reporting the Advanced Materials & Catalysts business as held for sale in discontinued operations, the estimated tax rate used to value deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) needs to be adjusted to remove the Advanced Materials & Catalysts rate. Additionally, the Company reassessed the realizability of its state deferred tax assets, including Kansas Investment Tax Credits and state Net Operating Losses. Due to changes in the Company’s state apportionment profile resulting from the Advanced Materials & Catalysts divestiture, it was determined that a portion of these deferred tax assets are no longer expected to be realized. Accordingly, the Company recorded a valuation allowance during the quarter to reflect the reduced expected benefit of these state tax attributes. Due to these revaluations being solely as a result of the Advanced Materials & Catalysts divestiture and a non-cash item, it is treated as an addback. * Rounding discrepancies may arise when rounding results from dollars (in thousands) to dollars (in millions)
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THIRD QUARTER EARNINGS 2026 / 20 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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THIRD QUARTER EARNINGS 2026 / 21 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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THIRD QUARTER EARNINGS 2026 / 22 ($ in millions) Nine months ended September 30, 2026 Nine months ended September 30, 2025 Full Year 2025 Net cash provided by operating activities 76.5 98.5 140.3 Less: Purchases of property, plant and equipment1 72.7 (67.1) 91.5 Free Cash Flow 3.8 31.4 48.8 Cash paid for debt financing costs 1.0 1.0 1.0 Cash paid for costs related to acquisitions 11.4 4.1 6.1 Cash paid for costs related to the segment disposal 16.2 5.9 17.6 Interest paid with debt prepayment — — 4.6 Adjusted Free Cash Flow 32.4 42.4 78.1 Adjusted Free Cash Flow 1. Includes purchases of property, plant and equipment reported in discontinued operations for the nine months ended September 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) Nine months ended September 30, 2026 Nine months ended September 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 30.0 10.0 11.0 Cash paid for interest2 15.6 34.6 50.8
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THIRD QUARTER EARNINGS 2026 / 23 Net Debt Leverage Ratio - Continuing Operations ($ in millions, except %) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Total debt 497.1 497.1 397.1 397.1 Less: Cash and cash equivalents 71.2 87.8 162.6 197.2 Net debt 425.9 409.3 234.5 199.9 Trailing twelve months: Net income from continuing operations 44.0 25.8 20.1 6.3 Adjusted EBITDA from continuing operations1 205.4 201.7 190.5 172.0 Net Debt to Net Income Ratio 9.7x 15.9x 11.7x 31.7x Net Debt Leverage Ratio 2.1x 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"