Slide 1: Second Quarter 2025 Earnings Presentation
SECOND QUARTER 2025 EARNINGS PRESENTATION August 5, 2025
Slide 2: Use of non-GAAP financial measures and forward-looking statements
Use of non-GAAP financial measures: This presentation includes certain non‐GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non‐GAAP financial measures to GAAP financial measures are provided within the Appendix to this presentation. In
Slide 3: Agenda
AGENDA 1 Quarter Highlights & Updates 2 Consolidated Financial Results 3 Segment Performance 4 Guidance 5 Q&A 3
Slide 4: Second Quarter Highlights and Updates
SECOND QUARTER HIGHLIGHTS AND UPDATES EBITDA margins improved over 400 bps to 30%, generated robust free cash flow of $67 million, and improved net leverage ratio to 3.0X from 4.0X in less than one year Performance Materials delivered 50.1% EBITDA margin, continuing its track record of strong, consi
Slide 5: Second Quarter (Q2) Consolidated Financial Performance
SECOND QUARTER (Q2) CONSOLIDATED FINANCIAL PERFORMANCE GAAP Net loss of $146.5 million due to a pre-tax non-cash goodwill impairment charge of $183.8 million in Advanced Polymer Technologies segment Performance Highlights Q2 Financials (1) Sales declined 7% primarily due to the strategic exit of low
Slide 6: Q2 2025 Financial Metrics and Highlights
Q2 2025 FINANCIAL METRICS AND HIGHLIGHTS Net Debt Ratio (1) and Trailing Twelve Months (TTM) Adj. EBITDA (1) Capital Allocation $ in millions 7 Debt paydown (borrowing) Net Debt Ratio TTM Adj. EBITDA ($ in millions) Capital expenditures Share repurchases 4.5 400 M&A (divestitures) 110 4.0 4.0 4 3.8
Slide 7: Performance Materials
PERFORMANCE MATERIALS $ IN MILLIONS Q2 Q2 $ VS. PRIOR % VS. PRIOR Performance Highlights 2025 2024 YEAR YEAR Sales declined, with higher sales in North America offset by sales declines in Net Sales 153.9 157.2 (3.3) (2.1)% Asia and Europe, attributable primarily to changes in customer order Segment
Slide 8: Advanced Polymer Technologies
ADVANCED POLYMER TECHNOLOGIES $ IN MILLIONS Q2 Q2 $ VS. PRIOR % Performance Highlights 2025 2024 VS. PRIOR YEAR YEAR Sales declined 10% due primarily to continued weak end market demand in Net Sales 43.3 47.9 (4.6) (9.6)% the footwear and apparel and automotive markets which intensified with Segment
Slide 9: Performance Chemicals
PERFORMANCE CHEMICALS $ IN MILLIONS Q2 Q2 $ VS. PRIOR % VS. PRIOR Performance Highlights 2025 2024 YEAR YEAR Sales lower due to segment repositioning actions and a slower start to the Net Sales 167.9 185.5 (17.6) (9.5)% paving season Road Technologies 119.5 129.1 (9.6) (7.4)% Industrial Specialties
Slide 10: 2025 Guidance and Outlook
2025 GUIDANCE AND OUTLOOK Ingevity raises low-end of EBITDA and free cash flow range to reflect solid first half results and improved North American auto production forecasts; affirms confidence in year-end leverage target FY Guidance Opportunities: Global auto production for internal combustion e
Slide 11: For More Information
FOR MORE INFORMATION Investors John E. Nypaver, Jr. (843) 740 - 2002 Media Caroline Monahan (843) 740 - 2068 Thank you for your interest in Ingevity. 11
Slide 12: Appendix
APPENDIX 12
Slide 13: Definitions of certain non-GAAP financial measures
Ingevity has presented certain financial measures, defined below, which have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has provided a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP on the follo
Slide 14: Reconciliation of Net Income (Loss) to Adjusted Earnings
Reconciliation of Net Income (Loss) (GAAP) and Diluted Earnings (Loss) Per Share (GAAP) to Adjusted Earnings (Loss) (Non-GAAP) and Diluted Adjusted Earnings (Loss) Per Share (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions, except per data (unaudited) 2025 2024 2025 2024
Slide 15: Reconciliation of Net Income (Loss) to Adjusted Earnings (notes)
Reconciliation of Net Income (Loss) (GAAP) and Diluted Earnings (Loss) Per Share (GAAP) to Adjusted Earnings (Loss) (Non-GAAP) and Diluted Adjusted Earnings (Loss) Per Share (Non-GAAP) (5) We exclude gains and losses from strategic investments from our segment results, as well as our non-GAAP financ
Slide 16: Restructuring and other (income) charges
Restructuring and other (income) charges Three Months Ended June 30, Six Months Ended June 30, In millions 2025 2024 2025 2024 Work force reductions and other $ 9.7 $ — $ 10.9 $ — Performance Chemicals repositioning 12.2 10.0 23.3 72.3 Restructuring charges (1) $ 21.9 $ 10.0 $ 34.2 $ 72.3 North Char
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Net income (loss) (GAAP) $ (146.5) $ (283.7) $ (126.0) $ (339.7) Provision (benefit) for income taxes 3.8 (50.9) 10.
Slide 18: Reconciliation of Gross Profit to Adjusted Gross Profit
Reconciliation of Gross Profit (GAAP) to Adjusted Gross Profit (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Gross Profit (GAAP) $ 137.9 $ 123.2 $ 251.3 $ 222.9 Plus: Depreciation and amortization 15.5 17.4 30.7 34.9
Slide 19: Reconciliations of SG&A to Adjusted SG&A
Reconciliations of SG&A (GAAP) to Adjusted SG&A (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 SG&A (GAAP) $ 44.2 $ 41.4 $ 87.3 $ 88.6 Research and technical expenses (GAAP) 7.8 7.3 15.5 14.1 Total SG&A (GAAP) 52.0 48.
Slide 20: Reconciliations of Other (income) expense to Adjusted Other
Reconciliations of Other (income) expense, net (GAAP) to Adjusted Other (income) expense, net (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Other (income) expense, net (GAAP) $ 4.3 $ 23.9 $ 8.4 $ 56.1 Less: Loss on CT
Slide 21: Reconciliation of Cash Flow from Operations to Free Cash Flow
Reconciliation of Cash Flow from Operations (GAAP) to Free Cash Flow (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In millions (unaudited) 2025 2024 2025 2024 Cash Flow from Operations (GAAP) $ 79.0 $ 29.7 $ 104.4 $ 17.6 Less: Capital Expenditures (GAAP) 12.2 18.1 22.2 34.7 Free C
Slide 22: Calculation of Net Debt to Adjusted EBITDA Ratio
Calculation of Net Debt to Adjusted EBITDA Ratio (Non-GAAP) In millions, except ratios (unaudited) June 30, 2025 Notes payable and current maturities of long-term debt $ 94.7 Long-term debt including finance lease obligations 1,235.6 Debt issuance costs 3.7 Total Debt $ 1,334.0 Less: Cash and cash e
Slide 23: Net Sales Comparison
Net Sales Comparison Ingevity Consolidated Change vs prior year In millions Prior year Net sales Volume Price/Mix Currency effect Current year Net sales Three months ended June 30, 2025 vs. 2024 $ 390.6 (37.6) 10.5 1.6 $ 365.1 Six months ended June 30, 2025 vs. 2024 $ 730.7 (93.0) 10.5 0.9 $ 649.1 P