Slide 1: Earnings conference call fourth quarter fiscal 2025
earnings conference call fourth quarter fiscal 2025 — November 5, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words
Slide 3: Agenda
agenda — o Q4 performance summary o Q4 financial results o business unit reviews o strategic priorities & outlook o CEO priorities o Q&A 3
Slide 4: Q4 performance summary
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Slide 5: Q4 highlights
Q4 highlights1 — delivered results consistent with guidance through disciplined execution despite market headwinds Sales Adjusted EBITDA Adjusted EBITDA % Adjusted EPS2 (8) % (4) % +110 bps (14) % $478 MM $119 MM 24.9 % $1.08 portfolio actions drove impact from portfolio decline; underlying organic
Slide 6: Strong finish, strategic progress & innovation momentum
strong finish, strategic progress & innovation momentum — strategic portfolio actions reshape baseline for growth disciplined execution delivers highest overall margin1 of the year sales comparisons versus prior-year quarter comparisons versus prior-year quarter sales comparisons versus reset1 prior
Slide 7: Q4 financial results and business unit reviews
Q4 financial results and business unit reviews 7
Slide 8: Fiscal-fourth quarter adjusted results
fiscal-fourth quarter adjusted results1 — Ashland adjusted results summary1 reset results2 ($US in millions, except percentages) Q4 FY25 Q4 FY24 Change Q4 FY24 change sales $478 $522 (8) % $484 (1) % gross profit margin 35.8 % 34.3 % +150 bps SG&A / R&D costs / intangible amortization $102 $111 (8)
Slide 9: Life sciences
life sciences — highlights adjusted results summary1 reset results2 ($US in millions, o broad-based pharma growth; Q4 FY25 Q4 FY24 Change Q4 FY24 change except percentages) +LSD YoY, led by cellulosics, tablet coatings & injectables sales $173 $192 (10) % $177 (2) % o nutrition softer; recent wins g
Slide 10: Intermediates
intermediates — highlights adjusted results summary1 ($US in millions, except o captive BDO sales down on percentages) Q4 FY25 Q4 FY24 change lower pricing sales $33 $36 (8) % o merchant: broadly lower pricing & NMP/ BDO volume gross profit $5 $9 (44) % o lower production volumes gross profit margin
Slide 11: Personal care
personal care — highlights adjusted results summary1 reset results2 ($US in millions, o +MSD YoY growth, delivered Q4 FY25 Q4 FY24 change Q4 FY24 change except percentages) market outperformance amidst a muted demand environment sales $151 $162 (7) % $143 5% o strong growth inflection in gross profi
Slide 12: Specialty additives
specialty additives — highlights adjusted results summary1 reset results2 ($US in millions, o coatings sales declines: China, Q4 FY25 Q4 FY24 Change Q4 FY24 change except percentages) exports to MEAI, softer North America; broadly stable QoQ in sales $131 $144 (9) % $140 (6) % most regions gross pro
Slide 13: Strategic priorities & outlook
strategic priorities & outlook 13
Slide 14: Manufacturing optimization: progressing, timing adjusted
manufacturing optimization: progressing, timing adjusted — $30M restructuring: complete • ~$20M delivered in FY25 strategic initiatives remain on track, timing of • ~$12M carry-over in FY26; $2M above target P&L realization has been impacted $60M manufacturing optimization: in progress timing impact
Slide 15: Globalize & innovate: full-year financial progress
globalize & innovate: full-year financial progress on track on track — ~$100 MM revenue impact1 ~$100 MM revenue impact1 Globalize: strategic investments driving traction; all four Innovate: exceeding targets with growth in core, driven business lines returned to strong growth in Q4 by pharma cellul
Slide 16: FY26 outlook: disciplined planning, positive momentum
FY26 outlook: disciplined planning, positive momentum — forward looking insights •risks & opportunities key market factors • regional coatings recovery • muted growth & mixed regional dynamics; cautious consumer • geopolitical uncertainty • pharma resilient; personal care showing momentum • specialt
Slide 17: CEO priorities
CEO priorities — build resilience & deliver commitments strengthen systems & processes • safety, sales growth, profitability, inventory, FCF, RONA • enhance S&OP, standard costing, financial planning • network optimization goals for FY26-27 • leverage AI for productivity advance strategy: execute, g
Slide 18: Guillermo Novo, Chair and CEO closing comments
Guillermo Novo, Chair and CEO closing comments 18
Slide 19: Thank you Q&A
thank you Q&A 19 <f'Ashland
Slide 20: Appendix A: adjusted results summary and balance sheet
appendix A: adjusted results summary and balance sheet 20
Slide 21: Sales reset detail
sales reset detail — sales life personal specialty intermediates total ($US in millions) sciences care additives FY 2024 reported $810 $634 $572 $97 $2,113 portfolio reset impact1 (130) (10) (24) -- (164) FY 2024 portfolio reset 680 624 548 97 1,949 avoca exit -- (55) -- -- (55) FY 2024 portfolio re
Slide 22: Adjusted EBITDA reset detail
adjusted EBITDA reset detail — adj. EBITDA life personal specialty Intermediates unallocated total ($US in millions) sciences care additives FY 2024 reported $230 $164 $99 $42 $(76) $459 portfolio reset impact1 (24) (2) (4) -- -- (30) FY 2024 portfolio reset 206 162 95 42 (76) 429 avoca exit -- (15)
Slide 23: Q4 adjusted results summary
Q4 adjusted results summary1 — ($US in millions, except percentages and per share data) Q4 FY25 Q4 FY24 change sales $478 $522 (8) % gross profit $171 $179 (4) % gross profit margin 35.8 % 34.3 % +150 bps SG&A / R&D costs / intangible amort. $102 $111 (8) % operating income $71 $72 (1) % depreciatio
Slide 24: Q4 business unit consolidation
Q4 business unit consolidation1 — specialty intercompany unallocated ($US in millions, except percentages) life sciences personal care Intermediates Ashland additives eliminations2 and other3 sales $173 $151 $131 $33 ($10) - $478 gross profit $68 $64 $34 $5 - - $171 gross profit margin 39.3 % 42.4 %
Slide 25: Liquidity and net debt
liquidity and net debt — ($US in millions) expiration interest rate Moody’s rating S&P rating 9/30/25 balance cash $215 revolver availability 596 cash and revolver availability1 $811 US and foreign A/R sales program1 - debt 2.00% notes (EUR) Jan. 2028 2.000% Ba1 BB+ $586 3.375% notes Sept. 2031 3.37
Slide 26: Strong balance sheet & capital allocation strategy
strong balance sheet & capital allocation strategy — strong balance sheet and balanced capital allocation annual dividend3 increase every year since 2009 strong balance sheet1 o cash and liquidity available of ~$0.8 billion 1.80 o net debt of $1,169 million; net leverage of 2.9x $1.60 $1.64 o next s
Slide 27: Appendix B: non-GAAP reconciliation
appendix B: non-GAAP reconciliation1 1 Although Ashland provides forward looking guidance for Adjusted EBITDA in this presentation, Ashland is not reaffirming or providing forward-looking guidance for U.S. GAAP reported financial measures or a reconciliation of forward-looking non-GAAP financial mea
Slide 28: Reconciliation of Non-GAAP Data
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data for the 12 Months Ended September 30, 2025 — 28 1 Quarterly totals may not add to annual amounts due to rounding. Calculation of Adjusted EBITDA for each period presented have been reconciled within certain financial filings
Slide 29: Segment Components of Key Items – 3 months ended September 30, 2025
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended September 30, 2025 — In millions - preliminary and unaudited ($ millions) O P E R A T IN G IN C O M E ( LO S S ) Life Sciences P erso nal Care T hre e M o nt h
Slide 30: Segment Components of Key Items – 3 months ended September 30, 2024
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended September 30, 2024 — In millions - preliminary and unaudited ($ millions) O P E R A T IN G IN C O M E ( LO S S ) Operating key items: Life Sciences P erso nal
Slide 31: Reconciliation of Non-GAAP Data – Free Cash Flow and Adjusted Operating Income
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Free Cash Flow and Adjusted Operating Income for the 3 and 12 Months Ended September 30, 2025 and 2024 — ($ millions) 31
Slide 32: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Ashland Inc. Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended September 30, 2025 and 2024 — ($ millions) 32
Slide 33: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Life Sciences and Personal Care Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended September 30, 2025 and 2024 — ($ millions) 33
Slide 34: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Specialties Additives and Intermediates Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended September 30, 2025 and 2024 — ($ millions) 34
Slide 35: Reconciliation of Non-GAAP Data – Adjusted Income from Continuing Operations
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Adjusted Income from Continuing Operations for the 3 and 12 Months Ended September 30, 2025 and 2024 — ($ millions) (a ) Re p re se nts the ta x e ffe c t o f the ke y ite ms tha t a re p re vio usly id e ntifie d a b o ve
Slide 36: Reconciliation of Non-GAAP Data – Adjusted Diluted EPS from Continuing Operations
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data – Adjusted Diluted EPS from Continuing Operations for the 3 and 12 Months Ended September 30, 2025 and 2024 — 36
Slide 37: Ashland – always solving
<t Ashland always solving