Slide 1: Third Quarter 2025 Earnings Presentation
THIRD QUARTER 2025 EARNINGS PRESENTATION November 6, 2025
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 Quarter Highlights & Updates 2 Consolidated Financial Results 3 Segment Performance 4 Guidance 5 Q&A 3
Slide 4: Third Quarter Highlights and Updates
THIRD QUARTER HIGHLIGHTS AND UPDATES Announced sale of the North Charleston crude tall oil refinery and the majority of the Industrial Specialties product line for $110 million; reported as discontinued operations beginning in Q3 Total Adjusted EBITDA margin of 33.5% marks the 6th straight quarter o
Slide 5: Third Quarter (Q3) Consolidated Financial Performance
THIRD QUARTER (Q3) CONSOLIDATED FINANCIAL PERFORMANCE Q3 Financials – Total Company(1) Performance Highlights $ in millions except percentage and EPS Q3 Q3 vs PY Total net sales down 4% as growth in Road Technologies and 2025 2024 ∆% Performance Materials was more than offset by declines in Total ne
Slide 6: Q3 2025 Financial Metrics and Highlights
Q3 2025 FINANCIAL METRICS AND HIGHLIGHTS Net Debt Ratio and Trailing Twelve Months (TTM) Total Adj. EBITDA(1) Capital Allocation $ in millions Debt paydown (borrowing) Capital expenditures Net Debt Ratio TTM Total Company Adj. EBITDA ($ in millions) Share repurchases Strategic Investments(2) 4.5 450
Slide 7: Performance Materials
PERFORMANCE MATERIALS $ IN MILLIONS Q3 Q3 $ VS. PRIOR % VS. PRIOR Performance Highlights 2025 2024 YEAR YEAR Sales increased 3% driven primarily by volume growth reflecting improved Net Sales 155.0 151.1 3.9 2.6% global auto production Segment EBITDA 79.9 80.6 (0.7) (0.9)% Segment EBITDA and EBITDA
Slide 8: Advanced Polymer Technologies
ADVANCED POLYMER TECHNOLOGIES $ IN MILLIONS Q3 Q3 $ VS. PRIOR % Performance Highlights 2025 2024 VS. PRIOR YEAR YEAR Sales declined across all regions due to continued weak industrial demand, Net Sales 38.2 48.8 (10.6) (21.7)% indirect tariff impacts and increased competition in China Segment EBITDA
Slide 9: Performance Chemicals
PERFORMANCE CHEMICALS Performance Chemicals, Combining Continuing and Discontinued Operations (1) Combined Performance Highlights $ % Record Q3 sales in the North America pavement market were offset by lower Q3 Q3 $ IN MILLIONS VS. PRIOR VS. PRIOR sales in Industrial Specialties due to repositioning
Slide 10: 2025 Guidance and Outlook
2025 GUIDANCE AND OUTLOOK Ingevity increases FCF guide and improves year-end leverage target; revises high-end of its revenue and EBITDA range to reflect continued pressure on the Advanced Polymer Technologies segment Full Year Guidance (Includes Continuing and Discontinued Operations) Financial Met
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: 2025 Guidance Reconciliation
2025 Guidance Reconciliation(1) Beginning with Q3 2025 reporting, the CTO refinery and portions of the Industrial Specialties product line (“Divestiture”), previously included within the Performance Chemicals segment, are now shown as Discontinued Operations The reconciliation provided below bridges
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: Reconciliation of Net Income (Loss) from Continuing Operations
Reconciliation of Net Income (Loss) from Continuing Operations (GAAP) and Net Income (Loss) from Discontinued Operations (GAAP) to Adjusted Earnings (Loss) from Continuing Operations (Non-GAAP), Adjusted Earnings (Loss) from Discontinued Operations (Non-GAAP), and Total Adjusted Earnings (Loss) (Non
Slide 17: Reconciliation of Net Income (Loss) from Continuing Operations (footnotes)
Reconciliation of Net Income (Loss) from Continuing Operations (GAAP) and Net Income (Loss) from Discontinued Operations (GAAP) to Adjusted Earnings (Loss) from Continuing Operations (Non-GAAP), Adjusted Earnings (Loss) from Discontinued Operations (Non-GAAP), and Total Adjusted Earnings (Loss) (Non
Slide 18: Reconciliation of Diluted Earnings (Loss) per Share
Reconciliation of Diluted Earnings (Loss) from Continuing Operations per Share (GAAP) and Diluted Earnings (Loss) from Discontinued Operations per Share (GAAP) to Diluted Adjusted Earnings (Loss) Per Share (Non-GAAP), Diluted Adjusted Earnings (Loss) from Discontinued Operations Per Share (Non-GAAP)
Slide 19: Restructuring and other (income) charges
Restructuring and other (income) charges Three Months Ended September 30, Nine Months Ended September 30, In millions 2025 2024 2025 2024 Work force reductions and other $ 0.3 $ — $ 8.0 $ — Performance Chemicals repositioning 0.7 2.0 2.1 3.4 Restructuring charges (1) $ 1.0 $ 2.0 $ 10.1 $ 3.4 North C
Slide 20: Reconciliation to Adjusted EBITDA from Continuing Operations
Reconciliation of Net Income (Loss) from Continuing Operations (GAAP) and Net Income (Loss) from Discontinued Operations (GAAP) to Adjusted EBITDA from Continuing Operations (Non-GAAP), Adjusted EBITDA from Discontinued Operations (Non-GAAP), and Total Adjusted EBITDA) (Non-GAAP) Three Months Ended
Slide 21: Reconciliation to Adjusted EBITDA from Discontinued Operations
Reconciliation of Net Income (Loss) from Continuing Operations (GAAP) and Net Income (Loss) from Discontinued Operations (GAAP) to Adjusted EBITDA from Continuing Operations (Non-GAAP), Adjusted EBITDA from Discontinued Operations (Non-GAAP), and Total Adjusted EBITDA) (Non-GAAP) Three Months Ended
Slide 22: Reconciliation of Gross Profit to Total Adjusted Gross Profit
Reconciliation of Gross Profit (GAAP) to Total Adjusted Gross Profit (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Gross Profit (GAAP) $ 133.9 $ 131.6 $ 373.7 $ 364.9 Plus: Gross Profit from discontinued op
Slide 23: Reconciliations of SG&A to Total Adjusted SG&A
Reconciliations of SG&A (GAAP) to Total Adjusted SG&A (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 SG&A (GAAP) $ 44.1 $ 37.9 $ 129.6 $ 119.5 Research and technical expenses (GAAP) 7.0 6.2 21.0 18.0 Total S
Slide 24: Reconciliations of Other (income) expense, net to Total Adjusted
Reconciliations of Other (income) expense, net (GAAP) to Total Adjusted Other (income) expense, net (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Other (income) expense, net (GAAP) $ 1.2 $ 6.5 $ 9.5 $ 7.8 P
Slide 25: 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 September 30, Nine Months Ended September 30, In millions (unaudited) 2025 2024 2025 2024 Cash Flow from Operations (GAAP) $ 129.7 $ 46.5 $ 234.1 $ 64.1 Less: Capital Expenditures (GAAP) 11.9 18.0 34.1
Slide 26: Calculation of Net Debt to Total Adjusted EBITDA Ratio
Calculation of Net Debt to Total Adjusted EBITDA Ratio (Non-GAAP) In millions, except ratios (unaudited) September 30, 2025 Notes payable and current maturities of long-term debt $ 102.0 Long-term debt including finance lease obligations 1,158.5 Debt issuance costs 3.4 Total Debt $ 1,263.9 Less: Cas
Slide 27: Reconciliation of Performance Chemicals Segment EBITDA
Reconciliation of Performance Chemicals Segment EBITDA (GAAP) to Performance Chemicals Combined Segment EBITDA (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, In millions, except percentages (unaudited) 2025 2024 2025 2024 Performance Chemicals Segment EBITDA $ 24.8 $ 24.
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 September 30, 2025 vs. 2024 $ 333.8 (1.4) (0.3) 1.0 $ 333.1 Nine months ended September 30, 2025 vs. 2024 $ 936.8 (37.3