Slide 1: Full Year and Fourth Quarter 2025 Earnings Presentation
FULL YEAR AND FOURTH QUARTER 2025 EARNINGS PRESENTATION February 26, 2026
Slide 2: Use of non-GAAP financial measures; 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 Full Year Highlights 2 Consolidated Financial Results 3 Segment Performance 4 Outlook 5 Q&A 3
Slide 4: Full Year Highlights and Updates
FULL YEAR HIGHLIGHTS AND UPDATES Completed sale of the North Charleston crude tall oil refinery assets and the majority of the Performance Chemicals Industrial Specialties product line on January 1, 2026 Hosted a Strategic Portfolio Update in December to share results of portfolio review and two-yea
Slide 5: Full Year and Fourth Quarter Consolidated Financial Performance
FULL YEAR (FY) AND FOURTH QUARTER (Q4) CONSOLIDATED FINANCIAL PERFORMANCE FY GAAP net loss of $167.1 million due primarily to a non-cash goodwill impairment of $183.8 million in Advanced Polymer Technologies and a non-cash asset impairment of $109.3 million in Road Markings Full Year and Q4 Financia
Slide 6: FY 2025 Financial Metrics and Highlights
FY 2025 FINANCIAL METRICS AND HIGHLIGHTS Free Cash Flow(1) Commentary $ in millions Free cash flow for the company increased to $274 million, the highest in five years, driven by higher earnings, lower repositioning spend in Performance Chemicals, and working capital benefits attributable to the d
Slide 7: Performance Materials
PERFORMANCE MATERIALS % % $ IN MILLIONS FULL YEAR Q4 2025 VS. PRIOR 2025 VS. PRIOR Performance Highlights YEAR PERIOD YEAR Net Sales 606.9 (0.4)% 151.2 (3.2)% Full Year Segment EBITDA 326.3 (2.1)% 78.0 (4.5)% Sales were flat year over year, a strong outcome given record Segment EBITDA Margin 53.8%
Slide 8: Performance Chemicals
PERFORMANCE CHEMICALS Performance Chemicals, Continuing and Discontinued Operations(2) Total Segment EBITDA $ % $ IN MILLIONS FULL YEAR VS. PRIOR Q4 VS. PRIOR 2025 YEAR 2025 YEAR Total Net Sales 522.1 (14.2)% 90.3 (8.5)% Pavement Technologies(3) 302.6 0.6% 51.4 3.8% Road Markings 97.9 (3.1)% 16.0 15
Slide 9: Advanced Polymer Technologies
ADVANCED POLYMER TECHNOLOGIES % % $ IN MILLIONS FULL YEAR VS. PRIOR Q4 VS. PRIOR 2025 YEAR PERIOD 2025 YEAR Performance Highlights Net Sales 160.2 (15.1)% 36.5 (16.9)% Full Year Segment EBITDA 32.1 (17.7)% 5.5 (21.4)% Sales declined 15% driven by continued weak industrial demand, 20.0% (70) bps 15
Slide 10: 2026 Outlook
2026 OUTLOOK Outlook Considerations Includes a full year of APT and Road Markings operating results; excludes divested Industrial Specialties Full Year Outlook Excludes potential proceeds from the exploration of strategic alternatives for APT segment and Road Markings Financial Metric Full Year
Slide 11: For More Information
FOR MORE INFORMATION Investors Surabhi Varshney (843) 740 ‐ 2002 Media Caroline Monahan (843) 740 ‐ 2068 Thank you for your interest in Ingevity. 11
Slide 12: Appendix
APPENDIX ™ingevity 12
Slide 13: 2025 Pro Forma New Ingevity Adjusted EBITDA Reconciliation
2025 PRO FORMA NEW INGEVITY ADJUSTED EBITDA RECONCILIATION(1) 2025 Pro Forma New Ingevity Adj. EBITDA New Ingevity excludes Industrial Specialties, APT, and Road Markings $ IN MILLIONS FY 2025 Total Company Adj. EBITDA(2) $397.5 Divested Industrial Specialties EBITDA $(10.0) Remnant Industrial Speci
Slide 14: Non-GAAP financial measures definitions
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 15: Non-GAAP measure definitions
Total adjusted gross profit is defined as gross profit from continuing operations plus gross profit from discontinued operations plus depreciation and amortization Total adjusted gross margin is defined as Total adjusted gross profit divided by Total net sales Total adjusted other (income) expense,
Slide 16: Adjusted Earnings Reconciliation
Adjusted Earnings Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except per data (unaudited) 2025 2024 2025 2024 Net income (loss) from continuing operations (GAAP) $ (78.8) $ 19.5 $ (150.3) $ (121.4) Restructuring and other (income) c
Slide 17: Adjusted Earnings Reconciliation footnotes
Adjusted Earnings Reconciliation (GAAP to Non-GAAP) (1) We regularly perform strategic reviews and assess the return on our operations, which sometimes results in a plan to restructure the business. These costs are excluded from our reportable segment results; details of which are included in the ta
Slide 18: Diluted Adjusted Earnings Per Share
Diluted Adjusted Earnings (Loss) Per Share ( GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except per data (unaudited) 2025 2024 2025 2024 Diluted earnings (loss) from continuing operations per share (GAAP) $ (2.21) $ 0.53 $ (4.15) $ (3.34) Restructu
Slide 19: Restructuring and other (income) charges
Restructuring and other (income) charges Three Months Ended December 31, Twelve Months Ended December 31, In millions 2025 2024 2025 2024 Work force reductions and other $ 2.7 $ 2.3 $ 10.7 $ 2.3 Performance Chemicals repositioning — 1.2 2.1 4.6 Restructuring charges(1) $ 2.7 $ 3.5 $ 12.8 $ 6.9 North
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Net income (loss) from continuing operations (GAAP) $ (78.8) $ 19.5 $ (150.3) $ (121.4) Interest expense, net 16.7 20.8 7
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Net income (loss) from discontinued operations (GAAP) $ (5.8) $ (2.9) $ (16.8) $ (308.9) Provision (benefit) for income t
Slide 22: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Gross Profit (GAAP) $ 87.8 $ 100.0 $ 461.5 $ 464.8 Plus: Gross profit from discontinued operations 6.4 2.0 28.9 (10
Slide 23: Adjusted SG&A
Adjusted SG&A (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 SG&A (GAAP) $ 41.6 $ 38.3 $ 171.2 $ 157.8 Research and technical expenses (GAAP) 7.4 6.6 28.4 24.5 Total SG&A (GAAP) 49.0 44.9 199.6 182.3
Slide 24: Adjusted Other (income) expense, net Reconciliation
Adjusted Other (income) expense, net Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Other (income) expense, net (GAAP) $ 15.4 $ 0.1 $ 25.0 $ 7.9 Plus: Other (income) expense, net from
Slide 25: Free Cash Flow Calculation
Free Cash Flow Calculation (Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions (unaudited) 2025 2024 2025 2024 Cash Flow from Operations (GAAP) $ 97.1 $ 64.5 $ 331.2 $ 128.6 Less: Capital Expenditures (GAAP) 23.6 24.9 57.7 77.6 Free Cash Flow (Non-GAAP) $ 73.5 $ 3
Slide 26: Net Debt to Adjusted EBITDA Ratio Calculation
Net Debt to Adjusted EBITDA Ratio Calculation (Non-GAAP) In millions, except ratios (unaudited) December 31, 2025 December 31, 2024 Notes payable and current maturities of long‐term debt $ 47.1 $ 61.3 Long‐term debt including finance lease obligations 1,161.4 1,339.7 Debt issuance costs 3.1 4.2 Tota
Slide 27: Performance Chemicals Total Segment EBITDA Reconciliation
Performance Chemicals Total Segment EBITDA Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Performance Chemicals Segment EBITDA $ (1.2) $ 3.0 $ 60.3 $ 53.7 Net income (loss) from discon
Slide 28: Net Sales Comparison
Net Sales Comparison Ingevity Continuing Operations Change vs prior year In millions Prior year Net sales Volume Price/Mix Currency effect Current year Net sales Three months ended December 31, 2025 vs. 2024 $ 263.4 (9.2) (0.7) 1.6 $ 255.1 Twelve months ended December 31, 2025 vs. 2024 $ 1,200.1 (41
Slide 29: Provision for Income Taxes on Adjusted Earnings Reconciliation
Provision for Income Taxes on Adjusted Earnings Reconciliation (GAAP to Non-GAAP) Three Months Ended December 31, Twelve Months Ended December 31, In millions, except percentages (unaudited) 2025 2024 2025 2024 Adjusted EBITDA from continuing operations (Non-GAAP) $ 70.3 $ 79.9 $ 373.0 $ 376.5 Less: