Slide 1: Earnings Teleconference Third Quarter Fiscal 2026
CABOT CORPORATION EARNINGS TELECONFERENCE T H I RD QUA RT ER - F I SC AL 2 0 2 6 Q3 Fiscal 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our expectations for our performance in the fourth quarter of and fiscal year 2026, including our expectations for per
Slide 3: Executive Leadership Transition
Executive Leadership Transition SEAN KEOHANE ERICA McLAUGHLIN President & CEO President & CEO (2016 -2026) (Effective October 1, 2026) Q3 Fiscal 2026 3
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights Diluted EPS of Reinforcement Performance Awarded Platinum Cash Flows from $0.12; Materials segment Chemicals rating from Operations of $75 Adjusted EPS1 EBIT of $97 segment EBIT of EcoVadis million of $1.67 million $68 million 1. Non-GAAP measure – See Appendix Q3 Fiscal 2026 4
Slide 5: Battery Materials Platform Supporting Attractive Long-Term Growth
Battery Materials Platform Supporting Attractive Long-Term Growth Global Battery Demand Outlook by Applications Business Highlights Battery Demand Expected to More Than Double by 2030 Attractive Earnings Profile FY2026 EBITDA expected at approximately $40M 24% Q3 FY26 TTM EBITDA margin Consumer
Slide 6: Battery Materials - Scaling for Growth
Battery Materials - Scaling for Growth Expanding Capacity to Capture Battery Market Opportunities Global Conductive Additives Footprint Broad Product Portfolio Differentiated technology portfolio serving diverse battery applications Manufacturing and technical centers located across every Industry-l
Slide 7: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Adjusted EPS1 Debt Balance Cash & Cash $1.67 $1.3 Billion Equivalents Diluted EPS Liquidity $250 Million $0.12 $1.3 Billion Operating Cash Flow YTD Operating Capex $75 Million Tax Rate1 $38 million Discretionary 29% FY26 forecast range FY26 forecast range of $200 - $215
Slide 8: Reinforcement Materials Segment
Reinforcement Materials Segment Operating Performance Q3 FY26 Q3 FY25 Δ Segment EBIT $97M $128M (24%) Segment EBITDA1 $117M $146M (20%) EBITDA Margin1 20% 25% Q3 FY26 Highlights Q4 FY26 Outlook Lower gross profit per ton driven by CY26 Expect a modest sequential EBIT decline customer agreement o
Slide 9: Performance Chemicals Segment
Performance Chemicals Segment Operating Performance Q3 FY26 Q3 FY25 Δ Segment EBIT $68M $57M +19% Segment EBITDA1 $91M $78M +17% EBITDA Margin1 26% 24% Q3 FY26 Highlights Q4 FY26 Outlook Volumes increased year-over-year in the Expect segment EBIT to continue to be higher battery materials and fu
Slide 10: Positioned for Continued Value Creation
Positioned for Continued Value Creation Fiscal 2026 financial outlook Tightening our fiscal 2026 Adjusted EPS1 guidance range from $6.00 to $6.50 per share to $6.15 to $6.45 per share Expect continued strong cash flow generation, balance sheet strength, and investment grade credit rating Executi
Slide 11: Questions & Answers
QUESTIONS & ANSWERS Q3 Fiscal 2026 11
Slide 12: Appendix
CABOT APPENDIX Q3 Fiscal 2026 42
Slide 13: FY26 Guidance & Modeling Assumptions
FY26 Guidance & Modeling Assumptions Full Year Modeling Assumptions Adjusted Earnings per Share1 ~$6.15 to $6.45 Interest Expense ~($72M) to ($75M) General Unallocated Income (Expense) ~$30M to $35M Capital Expenditures ~$200M to $215M Shares Repurchases ~$100M to $150M Operating Tax Rate1 ~28% to 3
Slide 14: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation includes references to adjusted earnings per share (EPS), segment EBITDA, adjusted EBITDA, free cash flow, discretionary free cash flow, and operating tax rate, which are non-GAAP measures. Reconciliations of Adjusted EPS to net income (loss) per
Slide 15: Non-GAAP Financial Measures Adjusted EPS
Non-GAAP Financial Measures Adjusted EPS Fiscal 2026 (A) Dec. Q Mar. Q June Q Sept. Q FY 2026 Reconciliation of Adjusted EPS to GAAP EPS Net income (loss) per share attributable to Cabot Corporation $ 1.37 $ 1.27 $ 0.12 $ — $ 2.77 Less: Certain items after tax per share (0.16) (0.34) (1.55) — (2.05)
Slide 16: Non-GAAP Financial Measures Adjusted EBITDA
Non-GAAP Financial Measures Adjusted EBITDA Dollars in millions Fiscal 2025 Fiscal 2026 June Q June Q Reconciliation of Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies Income (loss) from operations before income taxes and equity in
Slide 17: Non-GAAP Financial Measures Segment EBITDA
Non-GAAP Financial Measures Segment EBITDA Dollars in millions Fiscal 2025 Fiscal 2026 June Q June Q Reinforcement Materials EBIT $ 128 $ 97 Reinforcement Materials Depreciation and amortization 18 20 Reinforcement Materials EBITDA $ 146 $ 117 Reinforcement Materials Sales $ 573 $ 599 Reinforcement
Slide 18: Non-GAAP Financial Measures Free Cash Flow & Discretionary Free Cash Flow
Non-GAAP Financial Measures Free Cash Flow (FCF) & Discretionary Free Cash Flow (DFCF) Dollars in millions Fiscal 2026 Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash provided by (used in) operating activities Dec. Q Mar. Q June Q Sept. Q FY 2026 Cash provided by (used in)
Slide 19: Non-GAAP Financial Measures Operating Tax Rate
Non-GAAP Financial Measures Operating Tax Rate TABLE 3: RECONCILIATION OF EFFECTIVE TAX RATE TO OPERATING TAX RATE Three months ended June 30 2026 2025 (Provision) / Benefit (Provision) / Benefit Dollars in millions (unaudited) for Income Taxes Rate for Income Taxes Rate Effective Tax Rate $ (46) 79