Slide 1: Cabot Corporation Earnings Teleconference
CABOT CORPORATION EARNINGS TELECONFERENCE SECO N D QUA RT ER - F I SC AL 2 0 2 6 Q2 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 third quarter of and fiscal year 2026, including our expectations for perf
Slide 3: Q2 2026 Highlights
Q2 2026 Highlights Cash Flows from Diluted EPS of $1.27; Reinforcement Performance Operations of $77 Adjusted EPS1 Materials segment Chemicals segment million; returned Increased quarterly of $1.61 EBIT of $93 million EBIT of $59 million $73 million to dividend by 5% shareholders 1. Non-GAAP measure
Slide 4: Battery Materials Building Momentum
Battery Materials Building Momentum A global leader with the broadest range of conductive additives, formulations and blends Strong quarter with 43% revenue increase over Q2’25 and Q2 FY26 TTM EBITDA margins of 24% Ongoing customer engagement and multi-year supply agreements positioning our Battery
Slide 5: Cabot Materials Support Data Center Growth
Cabot Materials Support Data Center Growth Critical materials enabling data center infrastructure buildout Data Center Cabot Battery Materials Enable Critical Performance Requirements Power Distribution Long Duration Storage Power Stabilization Renewable Energy Sources Uninterruptable Power Co
Slide 6: Optimization of Cabot's Plant Network
Optimization of Cabot’s Plant Network Intention to close manufacturing capacity at targeted locations, subject to consultation processes where applicable Have ceased manufacturing at Argentina facility and initiated plans to close the facility Program Financial Highlights Target Annual Run Rate Bene
Slide 7: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Adjusted EPS1 Debt Balance Cash & Cash $1.61 $1.3 Billion Equivalents Diluted EPS Liquidity $252 Million $1.27 $1.3 Billion Operating Cash Flow Operating Capex $77 Million Tax Rate1 $45 million Discretionary 28% FY26 forecast range FY26 forecast range of $200 - $230 Free
Slide 8: Reinforcement Materials Segment
Reinforcement Materials Segment Operating Performance Q2 FY26 Q2 FY25 Δ Segment EBIT $93M $131M (29%) Segment EBITDA1 $114M $148M (23%) EBITDA Margin1 21% 25% Q2 FY26 Highlights Q3 FY26 Outlook Expect higher sequential EBIT from higher Lower gross profit per ton driven by CY26 gross profit per t
Slide 9: Performance Chemicals Segment
Performance Chemicals Segment Operating Performance Q2 FY26 Q2 FY25 Δ Segment EBIT $59M $50M +18% Segment EBITDA1 $82M $71M +15% EBITDA Margin1 25% 23% Q2 FY26 Highlights Q3 FY26 Outlook Higher gross profit per ton from a favorable Expect segment EBIT to be relatively product mix and optimizatio
Slide 10: Middle East Developments
Middle East Developments Cabot is well positioned to navigate challenging business conditions Competitive Advantages & Actions Taken Limited direct revenue and raw material sourcing exposure to the Middle East Competitive global asset footprint to support customers Reinforcement Materials customer a
Slide 11: Effectively Navigating a Dynamic Environment
Effectively Navigating a Dynamic Environment 1 2 3 Fiscal 2026 financial Rightsizing asset base to Maintaining balanced outlook remains align with demand while capital allocation strong targeting continued framework countermeasures Reaffirming Adjusted EPS1 Targeted capacity Continue to invest
Slide 12: Questions & Answers
QUESTIONS & ANSWERS Q2 Fiscal 2026 12
Slide 13: Cabot Appendix
CABOT APPENDIX Q2 Fiscal 2026 13
Slide 14: FY26 Guidance & Modeling Assumptions
FY26 Guidance & Modeling Assumptions Full Year Modeling Assumptions Adjusted Earnings per Share1 ~$6.00 to $6.50 Interest Expense ~($71M) to ($75M) General Unallocated Income (Expense) ~$30M to $34M Capital Expenditures ~$200M to $230M Shares Repurchases ~$100M to $150M Operating Tax Rate1 ~27% to 2
Slide 15: 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 16: 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 $ — $ — $ 2.64 Less: Certain items after tax per share (0.16) (0.34) — — (0.50) Adjuste
Slide 17: Non-GAAP Financial Measures: Adjusted EBITDA
Non-GAAP Financial Measures Adjusted EBITDA Dollars in millions Fiscal 2025 Fiscal 2026 Mar. Q Mar. 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 18: Non-GAAP Financial Measures: Segment EBITDA
Non-GAAP Financial Measures Segment EBITDA Dollars in millions Fiscal 2025 Fiscal 2026 Mar. Q Mar. Q Reinforcement Materials EBIT $ 131 $ 93 Reinforcement Materials Depreciation and amortization 17 21 Reinforcement Materials EBITDA $ 148 $ 114 Reinforcement Materials Sales $ 594 $ 544 Reinforcement
Slide 19: 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 20: 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 March 31 2026 2025 (Provision) / Benefit for (Provision) / Benefit Dollars in millions (unaudited) Income Taxes Rate for Income Taxes Rate Effective Tax Rate $ (44) 3