Slide 1: Fourth Quarter 2024
Fourth Quarter 2024 February 27, 2025 — 11 a.m. ET YOUR CATALYST FOR POSITIVE CHANGE™
Slide 2: Legal Discussion
Legal Discussion Continuing Operations Financial results are presented on a continuing operations basis, which excludes the Performance Chemicals business unless otherwise indicated. Forward-Looking Statements Some of the information contained in this presentation, the conference call during which t
Slide 3: Legal Discussion: Supply Share and Industry Information
Legal Discussion Supply Share and Industry Information Certain statistical information used in this presentation is based on independent industry publications, reports by research firms or other published independent sources. Some statistical information is also based on our good faith estimates whi
Slide 4: Key Messages - Fourth Quarter 2024
Key Messages - Fourth Quarter 2024 1 Fourth quarter results reflect continued resilience in core and industrial businesses Adjusted EBITDA1 for Ecoservices up 12%, driven by higher sales volume and 2 positive contractual pricing 3 Advanced Silicas sales increased 5% on higher sales of polyethylene c
Slide 5: Q4 2024 Key Highlights
Key Highlights Q4 2024 Key Highlights $182 Mln $76 Mln 35% GAAP Sales Adj. EBITDA Adjusted EBITDA Margin Q4 2024 Q4 20241 Q4 20241,2 3.0x $86 Mln $221 Mln Net Debt Leverage Adjusted Liquidity5 Ratio1,4 Free Cash Flow1,3 1. See Appendix "Descriptions for reconciliation of Non-GAAP financial measures"
Slide 6: Demand Trends and Drivers
Demand Trends and Drivers 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months Sources: EIA, S&P, LMC, CMA, Bloomberg, Management Estimates FOURTH QUARTER EARNINGS 2024 / 6
Slide 7: Fourth Quarter 2024 Financial Performance
Fourth Quarter 2024 Financial Performance
Slide 8: Financial Performance - Fourth Quarter and Full Year 2024
Financial Performance - Fourth Quarter and Full Year 2024 Fourth Quarter Financial Results Fourth Fourth Quarter Quarter $ % $ % ($ in millions) 2024 2023 Change Change ($ in millions) Change Change Ecovyst Sales 182.0 172.8 9.2 5.3 Sales Change Factors3 9.2 5.3 Zeolyst Joint Venture Sales 33.1 52.8
Slide 9: Adjusted EBITDA Bridge - Q4 2024
Adjusted EBITDA Bridge - Q4 2024 Positive price to cost ratio reflecting favorable contract pricing in regeneration services and higher pricing in Zeolyst Joint Venture Positive price-cost 35.3%1,2 30.9%1,2 1. See Appendix "Descriptions for reconciliation of Non-GAAP financial measures" 2. Adjusted
Slide 10: Ecoservices - Q4 2024 Financial Performance
Ecoservices - Q4 2024 Financial Performance Fourth Fourth Quarter Quarter $ % ($ in millions) 2024 2023 Change Change Sales 148.9 141.4 7.5 5.3 Adjusted EBITDA1 54.0 48.4 5.6 11.6 Adjusted EBITDA Margin1 (%) 36.3 34.2 210 bps YTD Capital Expenditures2 54.7 53.7 Highlights • Fourth quarter sales refl
Slide 11: Advanced Materials & Catalysts - Q4 2024 Financial Performance
Advanced Materials & Catalysts - Q4 2024 Financial Performance Fourth Fourth Quarter Quarter $ % ($ in millions) 2024 2023 Change Change Advanced Silicas Sales 33.1 31.4 1.7 5.4 Zeolyst Joint Venture Sales 33.1 52.8 (19.7) (37.3) Adjusted EBITDA1 27.9 27.2 0.7 2.6 Adjusted EBITDA Margin1,2 (%) 42.1
Slide 12: Cash & Leverage
Cash & Leverage 1 2 Adjusted Free Cash Flow Net Debt Leverage Ratio $85.5 3.0x 3.0x $72.3 Q4'23 Q4'24 2023 2024 Cash Generation Leverage Ratio and Debt Profile • Continued strong cash flow generation • The Net Debt Leverage Ratio remained at 3.0x • The increase in Adjusted Free Cash Flow in as stron
Slide 13: Ecovyst 2025 Outlook
Ecovyst 2025 Outlook ($ in millions, 2024 2025 except per share) Actual Outlook Sales1 $705 $755 - $815 Zeolyst Joint Venture Sales $117 $115 - $130 Adjusted EBITDA2 $238 $238 - $258 Adjusted Free Cash Flow2 $86 $60 - $80 Capital Expenditures $69 $80 - $90 Adjusted EBITDA2 ($ in millions) Interest E
Slide 14: Summary
Summary 1 Near-term expectations for industrial demand tempered by continued uncertainty in global macroeconomic environment 2 Outlook for regeneration services and virgin sulfuric acid sales remains positive Well-positioned to leverage growth opportunities for emerging 3 technologies such as advanc
Slide 15: Appendix
APPENDIX
Slide 16: Annual Segment Sales, Adjusted EBITDA and Margins
Annual Segment Sales, Adjusted EBITDA and Margins Year Ended December 31, ($ in millions, except %) 2024 2023 2022 2021 2020 Sales: Ecoservices 598.3 584.8 702.5 500.5 401.9 1 Advanced Materials & Catalysts 106.2 106.3 117.7 110.7 94.0 Total sales 704.5 691.1 820.2 611.2 495.9 Zeolyst Joint Venture
Slide 17: Quarterly Segment Sales, Adjusted EBITDA and Margins
Quarterly Segment Sales, Adjusted EBITDA and Margins Three Months Ended Year Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, December 31, ($ in millions, except %) 2024 2024 2024 2024 2024 2023 2023 2023 202
Slide 18: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Three Months Ended December 31, 2024 Year ended December 31, 2024 Advanced Advanced Sales Materials & Materials & (in $ millions and %) Ecovyst Ecoservices Catalysts Ecovyst Ecoservices Catalysts Sales: $ % $ % $ % $ % $ % $ % Volume 7.8 4.5 6.0 4
Slide 19: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA Years Ended December 31, December 31, December 31, December 31, December 31, ($ in millions) 2024 2023 2022 2021 2020 Reconciliation of net (loss) income to Adjusted EBITDA Net (loss) income (6.7) 71.2 69.8 1.8 54.3 Provision (benefit) for incom
Slide 20: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended Year Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, December 31, ($ in millions) 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 R
Slide 21: Descriptions for reconciliation of Non-GAAP financial measures
Descriptions for reconciliation of Non-GAAP financial measures (a) We use Adjusted EBITDA as a performance measure to evaluate our financial results. Because our Advanced Materials & Catalysts segment reflects our 50% portion of the earnings from the Zeolyst Joint Venture, we include an adjustment f
Slide 22: Adjusted Free Cash Flow
Adjusted Free Cash Flow Full Year Full Year ($ in millions) 2023 2024 Net cash provided by operating activities 137.6 149.9 Less: Purchases of property, plant and equipment1 65.3 69.0 Free Cash Flow 72.3 80.9 Cash paid for debt financing costs included in cash from operating activities — 4.6 Adjuste
Slide 23: Net Debt Leverage Ratio
Net Debt Leverage Ratio ($ in millions, except %) December 31, 2023 December 31, 2024 Total debt 877.5 870.8 Less: Cash and cash equivalents 88.4 146.0 Net debt 789.1 724.8 Net income (loss) 71.2 (6.7) Adjusted EBITDA 259.9 238.2 Net Debt to Net Income Ratio 11.1x NM Net Debt Leverage Ratio 3.0x 3.0
Slide 24: Accelerating the transition to a sustainability-driven future
Accelerating the transition to a sustainability-driven future