Slides
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Q4 & Full-Year 2025 Results
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Safe Harbor Statement Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any related impairment charges, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as “outlook,” “guidance,” “forecast,” “believe,” “anticipate,” “expect,” “estimate,” “may,” “will,” “should,” “continue,” “plan,” “potential,” “intend,” “likely,” or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, transformation initiatives, product introduction or expansion, the benefits of acquisitions, divestitures, joint ventures or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies. Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among other things, availability of and fluctuations in the prices of key raw materials, including coal tar, lumber and scrap copper; the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins; the successful implementation of multi-year cost mitigation programs; the extent of the dependence of certain of our businesses on certain market sectors and customers; economic, political and environmental conditions in international markets, including governmental changes, tariffs, restrictions on trade and restrictions on the ability to transfer capital across countries; current and potential future tariffs or duties; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; timing and results of any transformation initiatives, including estimates and assumptions related to the cost and the anticipated benefits of the transformation initiatives; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; disruptions and inefficiencies in the supply chain; changes in laws; the impact of environmental laws and regulations and compliance therewith; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this presentation and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and any subsequent filings by Koppers with the Securities and Exchange Commission. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this presentation may not in fact occur. Any forward- looking statements in this presentation speak only as of the date of this presentation, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. 2
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Company Highlights
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HIGHLIGHTS 4 Key Takeaways: Full-Year 2025 Mid-Teens Margin Run Rate by 2028 Three-Year Adjusted EPS CAGR >10% Three-Year Cumulative FCF >$300M BUSINESS TRANSFORMATION $256.7M $55.0M Capital Expenditures $6.4M Dividends $38.2M Share Repurchases 13.7% Adjusted EBITDA Margin* – 2nd highest year on record $167.8M $4.07 Adjusted Earnings Per Share – 6th consecutive year over $4.00 $122.5M Operating Cash Flow – 7th consecutive year over $100M Capital Deployed Operating Profit – 2nd highest year on record Adjusted EBITDA* – 2nd highest year on record • Launched Implementation phase of Catalyst Transformation Process • Ceased production at our CMC phthalic anhydride plant (April 2025) • Completed sale of Koppers Railroad Structures (August 2025) • Lowered 2025 adjusted SG&A by 15% vs. prior year • Reduced headcount with FTEs at 17% lower vs. April 2024 2026-2028 Targets $20.7M Acquisition $11.6M Debt Reduction * Excluding Koppers (Jiangsu) Carbon Chemical Company Limited (KJCC)
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Zero Harm Update 5 21 OUT OF 41 Accident-Free Facilities Recordable Injury Rate Business Units with Zero Recordables: Leading Activities Serious Safety Incidents 19.5% 70% 26% • Europe CMC • Europe PC • Australasia PC 2025 vs. 2024 2026 Key Goals Our Path to Zero: • Reinforce Foundational Elements • Deploy Additional Tools & Training • Drive Environmental Improvements
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6 Recognitions • Koppers 6th year earning a spot on the list. • Highlights 600 companies that are taking action each day to uphold their social responsibility. • Rankings are based on more than 30 KPIs in environmental, social and governance performance, financial results, and more. • Conducted by Newsweek magazine, in partnership with Statista. • Newly named as one of America’s Best Midsize Companies of 2025 • Second year of annual list created by TIME magazine and Statista • Based on three primary dimensions: ✓ Employee Satisfaction ✓ Revenue Growth ✓ Sustainability Transparency (ESG)
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Q4 & Full-Year 2025 Financials
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Sales vs. Prior Year $ in Millions $209 $128 $96 $433 $216 $148 $114 $477 $0 $100 $200 $300 $400 $500 $600 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 8 Q4 2025: Sales by Segment (Unaudited) CMCPCRUPS TOTAL -13.6% -15.2% -9.3% -3.2% Note: Segment amounts may not agree with consolidated totals due to rounding.
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Sales vs. Prior Year $ in Millions $927 $544 $409 $1,879 $943 $652 $498 $2,092 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 2025 2024 2025 2024 2025 2024 2025 2024 9 2025: Sales by Segment (Unaudited) CMCPCRUPS TOTAL -16.5% -17.9% -10.2% -1.7% Note: Segment amounts may not agree with consolidated totals due to rounding.
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Adjusted EBITDA $ and % vs. Prior Year $ in Millions $22 $28 $4 $53 $18 $29 $9 $55 $0 $10 $20 $30 $40 $50 $60 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 10 Q4 2025: Adjusted EBITDA by Segment (Unaudited) CMCPCRUPS 10.4% 8.1% 21.8% 19.3% 3.7% 8.0% 12.3% 11.6% TOTAL Note: Segment amounts may not agree with consolidated totals due to rounding.
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Adjusted EBITDA $ and % vs. Prior Year $ in Millions $108 $103 $46 $257 $82 $143 $37 $262 $0 $50 $100 $150 $200 $250 $300 2025 2024 2025 2024 2025 2024 2025 2024 11 2025: Adjusted EBITDA by Segment (Unaudited) CMCPCRUPS 11.7% 8.7% 18.9% 21.9% 11.2% 7.4% 13.7% 12.5% TOTAL Note: Segment amounts may not agree with consolidated totals due to rounding.
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Sales (Unaudited) $ in Millions Adjusted EBITDA (Unaudited) $ in Millions Highlights • Profitability was higher due to: ✓$7.3M of lower operating expenses ✓Lower selling, general and administrative costs ✓Net sales price increases ✓Partly offset by net lower sales volumes $209 $216 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 Q4 2025 Q4 2024 Highlights • Decrease in sales primarily driven by: ✓ $4.7M of lower volumes from commercial crossties, and lower activity in maintenance- of-way businesses, including sale of railroad bridge services business ✓ Partly offset by 9.7% volume increase in domestic utility pole business and $4.2M of price increases mostly in crossties • Market prices for untreated crossties remain stable • 19% lower YoY in procurement and 1% higher YoY in treatment $22 $18 $0 $5 $10 $15 $20 $25 Q4 2025 Q4 2024 12 Q4 2025 RUPS Segment RAILROAD AND UTILITY PRODUCTS AND SERVICES
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PERFORMANCE CHEMICALS Highlights • Profitability was slightly lower due to: ✓Lower sales volumes ✓Partly offset by lower raw material and logistics costs and higher royalty income Highlights • Decline in sales was primarily due to: ✓15.7% volume decrease primarily driven by a shift in U.S. market share ✓Partly offset by net sales price increases 13 Q4 2025 PC Segment Sales (Unaudited) $ in Millions Adjusted EBITDA (Unaudited) $ in Millions $128 $148 $0 $25 $50 $75 $100 $125 $150 Q4 2025 Q4 2024 $28 $29 $0 $10 $20 $30 Q4 2025 Q4 2024
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CARBON MATERIALS AND CHEMICALS 14 Q4 2025 CMC Segment Sales (Unaudited) $ in Millions Adjusted EBITDA (Unaudited) $ in Millions Highlights • Profitability decreased due to: ✓ Net sales price decreases ✓ Lower plant utilization ✓ Partly offset by operating cost savings associated with ceasing phthalic anhydride production • Compared with Q3 2025, average pricing of major products declined by 5% and average coal tar costs decreased by 3% • Compared with Q4 2024, average pricing of major products were lower by 4% and average coal tar costs were higher by 10% Highlights • Lower sales were primarily driven by: ✓$16.6M of volume decreases for phthalic anhydride due to discontinuation of product ✓Lower volumes and lower sales prices for carbon black feedstock ✓Sales prices for carbon pitch decreased ~6.6% globally ✓Partly offset by volume increases for carbon pitch, primarily in Australasia ✓$3.5M favorable impact from foreign currency changes $96 $114 $0 $20 $40 $60 $80 $100 $120 Q4 2025 Q4 2024 $4 $9 $0 $2 $4 $6 $8 $10 Q4 2025 Q4 2024
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Capital Allocation
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Investing in Our Future Quarterly Dividend • $12M for termination of U.S. pension plan • $20.7M deployed for an acquisition • $47.6M capital expenditures in 2025 (net) • $55M total capital expenditures (gross) expected in 2026 • On February 11, Board of Directors declared quarterly dividend of $0.09 per share ($0.08 per share in 2025) • Reflects 12.5% increase Share Repurchase Reducing Leverage(1) • $38.2M of share repurchases in 2025, including tax withholdings • $100M share repurchase program with $66.5M remaining • $881M net debt and $383M liquidity at 12/31/25 • 3.4x net leverage at 12/31/25 • Long-term target of 2x-3x net leverage ratio Disciplined Capital Allocation Strategy 16 Uses of Cash: Balanced Approach (1) Net Leverage Ratio is calculated as net debt divided by adjusted EBITDA for the latest twelve-month period. Net debt represents total debt less cash at the end of a quarter. Net debt, liquidity, and operating cash flow will fluctuate before, after and throughout the related period based upon the timing of receipts and payables.
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($ in Millions) CapEx by Business Unit Maintenance Zero Harm Growth & Productivity Year-to-Date Total RUPS $16.5 $1.0 $1.7 $19.2 PC 10.0 3.8 1.4 15.2 CMC 17.2 1.0 0.7 18.9 Corporate 0.9 --- 0.8 1.7 Total $44.6 $5.8 $4.6 $55.0 Less: Cash proceeds from asset sales and insurance proceeds 7.4 Capital Expenditures, Net $47.6 17 2025 Capital Expenditures
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18 Increasing Quarterly Cash Dividend 3.6.26 Record Date 3.23.26 Payment Date 2.11.26 Dividend Declaration February March March Board of Directors approved 12.5% increase in planned quarterly dividend to $0.09 per share of Koppers common stock in 2026.
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Business Sentiment
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PC: PERFORMANCE CHEMICALS State of the Business 20 2026 Market Outlook: • Market share capture in both residential and industrial markets support an 11% expected increase in sales revenue • External indicators and customer sentiment range from neutral to slightly positive for base sales activity • Existing home sales activity remains flat to slightly down, with January existing home sales down 8% • Average mortgage rates at 6.2%–6.3% in Q4, down from earlier in 2025; currently ~6% and expected to moderate slightly in near term • Leading Indicator of Remodeling Activity (LIRA) projects YoY growth in home renovation and repair spending will be 2.9% in early 2026 and eventually easing to 1.6% growth in Q4 2026 • Raw materials cost movements expected to be mixed but mostly balance out • Copper prices continue to rise with most of our 2026 requirements protected through hedges • Catalyst benefits targeted in 2026 mostly relate to commercial initiatives already under agreement
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RUPS: UTILITY AND INDUSTRIAL PRODUCTS State of the Business 21 2026 Market Outlook: • Market sentiment remains bullish mainly due to increasing electrical demand related to buildout of AI infrastructure o Crypto mining, EV development, and new manufacturing should also contribute to increased electrical demand in next 5 years • Utilities pressured to limit price increases resulting from higher demand; data centers owned/operated by large tech companies expected to be required to share cost burden with consumers • North American utility pole sales expected to grow at a higher rate than 2025, which was 6% • Will continue targeting sales growth in underserved regions to build upon 17% growth seen in 2025 in that category • Investments in distribution assets, fiber supply, technology platform and sales team position us to realize aggressive 2026 sales goal • Acquisition of Douglas Fir supply assets in December 2025 open up opportunities in both traditional and new markets • More than 75% of Catalyst benefits targeted in 2026 focus on cost-related initiatives, which include production consolidation • Consolidation of Vance, AL production into Kennedy, AL occurred in February with benefits beginning to accrue in March
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RUPS: RAILROAD PRODUCTS AND SERVICES State of the Business 22 2026 Market Outlook: • Industry consolidation continuing to impact market trends and resulting in reduced capital spend by railroads • We have been balancing reduced expectations with sharp cost reduction actions pushing profitability to levels not seen in a decade • Recent customer discussions indicate further pullback in demand from certain customers resulting in agreed upon changes that will increase volume significantly for one customer in exchange for better pricing while reconfiguring capacity for another customer that will enable us to maintain volume in exchange for price relief • We believe we are positioned best to capitalize on an industry dealing with significant pressure on financial performance • Commercial backlog as of January 2026 is at its highest level in 5 years • Employee count at the end of 2025 for crossties business was down 16%, compared with peak employment in April 2024 • Pullback in demand is having negative impact on sawmills resulting in sharply reduced production and widespread mill closures; long-term impact on hardwood availability and pricing uncertain at this point • Catalyst benefits targeted in 2026 primarily relate to plant consolidation, material waste reduction, and commercial and operations improvements
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CMC: CARBON MATERIALS AND CHEMICALS 23 State of the Business 2026 Market Outlook: • Overall carbon markets remain in turmoil as evidenced by Q4 ‘25 financial results • Structural improvements made in 2025 that included closing our phthalic anhydride plant and Catalyst initiatives are being offset in near-term by higher net global tar costs, reduced throughput, and softer net pricing • Key long-term raw material supply agreements are in place across all regions providing a baseload of throughput • Expectation of stronger crosstie volumes over the next several years will also provide a strong baseload of creosote demand • Our strong U.S./European logistics network provides an advantage against most European competitors leaving them more vulnerable to capacity rationalization • Loss of U.S. raw material supply to coke plant closure is a negative impact to U.S. operations but provides long-term opportunity to increase our European share of U.S. market • Catalyst benefits targeted in 2026 comprise all aspects of the business, from production to logistics, procurement and sales • Greatest near-term opportunity for improvement lies in CMC
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24 Strategic Transformation | Catalyst Koppers is in the final multi-year phase of our transformation process, Catalyst. Our Transformation Office has involved hundreds of individuals throughout the organization to identify, evaluate, scope, quantify, plan, and execute hundreds of commercial and cost saving opportunities through a rigorous process aimed at maximizing performance across every dimension of the organization. This has resulted in establishing a new way of working at Koppers that is elevating company performance to the next level. • Adjusted EBITDA margin >15% • 3-year EPS CAGR > 10% • Net leverage < 2.5 times • Free cash flow average $100M each year • PC and RUPS > 85% of sales 2028 OBJECTIVES • Achieved $46M in benefits in 2025 compared to >$40M projected in Nov 2025 • $1M PC | $3M RUPS | $19M CMC | $23M Corporate • Examples include phthalic anhydride plant closure, procurement contract savings, headcount reduction, new customers, plant process changes 2025 INITIATIVES • $75M+ in benefits identified vs. $40M+ in benefits previously identified in Nov 2025 • Examples include procurement contract savings, market share growth, new product markets, plant process changes, plant consolidation 2026 - 2028 Positioning Koppers for Future Success: Process • Technology • Talent Generate Meaningful Earnings Growth • Improve Cash Flow Yield • Increase Capital Efficiency Progress Update
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2026 Guidance
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Sales ($ in Millions) 2026 Sales Forecast: $1.9B - $2.0B 26 $1,700 $1,800 $1,900 $2,000 $2,100 2025 RUPS PC CMC 2026 $1.9B - $2.0B $1.88B $35M-$50M $30M -$45M ($45M) - $25M
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* Excluding special charges 27 $220 $230 $240 $250 $260 $270 $280 2025 RUPS PC CMC 2026 $257M $2M-$8M ($18M)-($10M) $250M-$270M Adjusted EBITDA* ($ in Millions) 2026 Adjusted EBITDA Forecast: $250M - $270M $9M-$15M
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Adjusted EPS* * Excluding special charges 28 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 2025 Operations Interest Taxes D&A Other 2026 ($0.34)-$0.66 $4.07 $0.34-$0.39 ($0.02)-($0.33) $0.07-$0.13 $4.20-$5.00$0.08 2026 Adjusted EPS Forecast: $4.20 - $5.00
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2026 Free Cash Flow Forecast 29 $123M $160M $105M $3M $6M $7M $12M $16M ($7M) ($55M) ($7M) $58M-$78M ($20M)-($40M) $30 $50 $70 $90 $110 $130 $150 $170 $190 2025 OCF Operations (midpoint) Interest Restructuring Pension Settlement Working Capital Taxes 2026 OCF (midpoint) CAPEX 2026 FCF Dividend Share Repurchase FCF for Debt Reduction or M&A
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Appendix
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This presentation includes unaudited “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, including adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, net debt, adjusted SG&A and net leverage ratio. Koppers believes that the presentation of non-GAAP financial measures provides information useful to investors in understanding the underlying operational performance of the company, its business and performance trends, and facilitate comparisons between periods. The exclusion of certain items permits evaluation and a comparison between periods of results for ongoing business operations, and it is on this basis that Koppers management internally assesses the company’s performance. In addition, the Board of Directors and executive management team use adjusted EBITDA as a performance measure under the company’s annual incentive plans and for certain performance share units granted to management. Although Koppers believes that these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures and should be read in conjunction with the relevant GAAP financial measure. Other companies in a similar industry may define or calculate these measures differently than the company, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation from, or as substitutes for performance measures calculated in accordance with GAAP. Koppers does not provide reconciliations of guidance for adjusted EBITDA, adjusted EPS and free cash flow to comparable GAAP measures, in reliance on the unreasonable efforts exception. Koppers is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include, but are not limited to, restructuring and impairment charges, acquisition-related costs, mark-to-market commodity hedging, and LIFO adjustments that are difficult to predict in advance in order to include in a GAAP estimate and may be significant. Forward-looking statements, including the guidance above, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth above. Please see the "Safe Harbor Statement" above for more information. References to historical EBITDA herein means adjusted EBITDA, for which the company has provided calculations and reconciliations in the Appendix. Non-GAAP Measures & Guidance 31
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(1) The table on the next page describes the adjustments to arrive at adjusted EBITDA. 32 Unaudited Segment Information Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Dollars in millions) Net sales: Railroad and Utility Products and Services $ 208.7 $ 215.6 $ 926.8 $ 942.7 Performance Chemicals 127.8 147.9 543.8 651.6 Carbon Materials and Chemicals 96.2 113.5 408.7 497.8 Total $ 432.7 $ 477.0 $ 1,879.3 $ 2,092.1 Adjusted EBITDA: Railroad and Utility Products and Services $ 21.8 $ 17.5 $ 108.1 $ 82.3 Performance Chemicals 27.8 28.6 102.7 142.7 Carbon Materials and Chemicals 3.6 9.1 45.9 36.6 Total(1) $ 53.2 $ 55.2 $ 256.7 $ 261.6 Adjusted EBITDA margin as a percentage of GAAP sales: Railroad and Utility Products and Services 10.4 % 8.1 % 11.7 % 8.7 % Performance Chemicals 21.8 % 19.3 % 18.9 % 21.9 % Carbon Materials and Chemicals 3.7 % 8.0 % 11.2 % 7.4 %
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(1) The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIF O inventory basis. 33 Unaudited Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Dollars in millions) Net income (loss) $ 29.7 $ (10.2) $ 56.0 $ 48.6 Interest expense 15.5 18.3 66.1 76.2 Depreciation and amortization 20.0 15.3 73.6 67.5 Income tax provision 9.0 (4.5) 25.2 20.7 Sub-total 74.2 18.9 220.9 213.0 Adjustments to arrive at adjusted EBITDA: LIFO (benefit) expense(1) (3.7) 3.2 (11.0) 6.1 Impairment, restructuring and plant closure costs 4.1 16.9 51.9 17.3 (Gain) loss on sale of assets 0.0 1.0 (0.4) 10.7 Mark-to-market commodity hedging (gains) losses (19.5) 10.9 (34.2) 7.9 Acquisition inventory step-up amortization 0.0 0.0 0.0 2.3 Amortization of cloud-based software implementation costs 0.1 0.3 1.2 0.3 Pension settlement and expense (2.0) 4.0 28.3 4.0 Total adjustments (21.0) 36.3 35.8 48.6 Adjusted EBITDA $ 53.2 $ 55.2 $ 256.7 $ 261.6 Net sales $ 432.7 $ 477.0 $ 1,879.3 $ 2,092.1 Adjusted EBITDA margin as a percentage of GAAP sales 12.3% 11.6% 13.7% 12.5%
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Unaudited Reconciliations of Net Income Attributable to Koppers to Adjusted Net Income Attributable to Koppers and Diluted EPS and Adjusted EPS (1) The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIF O inventory basis. 34 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Dollars in millions, except share and per share amounts) Net income (loss) attributable to Koppers $ 29.7 $ (10.2) $ 56.0 $ 52.4 Adjustments to arrive at adjusted net income: LIFO (benefit) expense(1) (3.7) 3.2 (11.0) 6.1 Impairment, restructuring and plant closure costs 4.1 15.4 51.9 17.3 (Gain) loss on sale of assets 0.0 1.0 (0.4) 10.7 Mark-to-market commodity hedging (gains) losses (19.5) 10.9 (34.2) 7.9 Acquisition inventory step-up amortization 0.0 0.0 0.0 2.3 Amortization of cloud-based software implementation costs 0.1 0.3 1.2 0.3 Pension settlement and expense (2.0) 4.0 28.3 4.0 Total adjustments (21.0) 34.8 35.8 48.6 Adjustments to income tax and noncontrolling interests: Income tax on adjustments to pre-tax income 5.4 (8.6) (8.8) (9.6) Noncontrolling interest 0.0 0.0 0.0 (3.9) Effect on adjusted net income (15.6) 26.2 27.0 35.1 Adjusted net income attributable to Koppers $ 14.1 $ 16.0 $ 83.0 $ 87.5 Diluted weighted average common shares outstanding (in thousands) 20,207 20,864 20,405 21,291 Diluted earnings (loss) per share $ 1.47 $ (0.50) $ 2.74 $ 2.46 Adjusted earnings per share $ 0.70 $ 0.77 $ 4.07 $ 4.11
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Unaudited Reconciliation of Total Debt to Net Debt and Net Leverage Ratio 35 Year Ended December 31, 2025 2024 (Dollars in millions) Total Debt $ 919.2 $ 930.8 Less: Cash 38.0 43.9 Net Debt $ 881.2 $ 886.9 Adjusted EBITDA $ 256.7 $ 261.6 Net Leverage Ratio 3.4 3.4
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36 Reconciliation of Selling, General & Administrative to Adjusted Selling, General & Administrative Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Dollars in millions) Selling, general and administrative $ 36.8 $ 44.0 $ 154.9 $ 179.3 Adjustments: Amortization of cloud-based software implementation costs 0.1 0.3 1.2 0.3 Pension settlement and expense (0.1) 0.0 1.2 0.0 Total adjustments 0.0 0.3 2.4 0.3 Adjusted selling, general and administrative $ 36.8 $ 43.7 $ 152.5 $ 179.0
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KOPPERS World Headquarters Pittsburgh, Pennsylvania, USA Koppers Holdings Inc. 436 Seventh Avenue Pittsburgh, PA 15219-1800 Koppers is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of approximately 1,850 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Koppers.com. Stock Exchange Listing NYSE: KOP Investor Relations and Media Information Ms. Quynh McGuire Vice President, Investor Relations 412 227 2049 McGuireQT@koppers.com
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koppers.com