Slide 1: First Quarter 2025
First Quarter 2025 May 1, 2025 — 11 a.m. ET
Slide 2: Legal Discussion - Forward-Looking Statements
Legal Discussion Forward-Looking Statements Some of the information contained in this presentation, the conference call during which this presentation is reviewed and any discussions that follow constitutes “forward-looking statements.” Forward-looking statements can be identified by words such as “
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 - First Quarter 2025
Key Messages - First Quarter 2025 1 Ecoservices sales up 1%, with lower sales volume associated with planned turnaround activity offset by pass-through of higher sulfur costs 2 Sales for Advanced Silicas up modestly, with higher sales of niche custom catalysts largely offset by lower sales of polyet
Slide 5: Key Highlights
Key Highlights Q1 2025 Key Highlights $162 Mln $39 Mln 20% GAAP Sales Adj. EBITDA Adj. EBITDA Margin Q1 2025 Q1 20251 Q1 20251,2 3.2x $(13) Mln $201 Mln Net Debt Leverage Adjusted Liquidity5 Ratio1,4 Free Cash Flow 1,3 1. See Appendix for reconciliations of Non-GAAP financial measures 2. Adjusted EB
Slide 6: Assumed Direct Tariff Impact for Full Year 2025
Assumed Direct Tariff Impact for Full Year 2025 Ecoservices • Segment represents approximately 75% of consolidated sales • Less than 5% of total segment sales are outside of the U.S. • Service businesses are currently exempt from tariffs • Assume no material direct impact from tariffs Advanced Mater
Slide 7: Demand Trends and Outlook
Demand Trends and Outlook FIRST QUARTER EARNINGS 2025 / 7
Slide 8: First Quarter 2025 Financial Performance
First Quarter 2025 Financial Performance
Slide 9: Financial Performance - Q1 2025
Financial Performance - Q1 2025 First Quarter Financial Results First First Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Ecovyst Sales 162.2 160.5 1.7 1.1 Zeolyst Joint Venture Sales 37.7 23.5 14.2 60.4 Net (Loss) Income (3.6) 1.2 (4.8) NM Net (Loss) Income Margin (%) (2.2) 0.7 NM Adj
Slide 10: Adjusted EBITDA Bridge - Q1 2025
Adjusted EBITDA Bridge - Q1 2025 Decrease in Q1 EBITDA reflects higher manufacturing costs, including turnaround costs, less favorable absorption of fixed costs and lower sales volume, partially offset by higher volume within the Zeolyst Joint Venture 24.7%1,2 19.5%1,2 1. See Appendix for reconcilia
Slide 11: Ecoservices - Q1 2025 Financial Performance
Ecoservices - Q1 2025 Financial Performance First First Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Sales 143.1 141.6 1.5 1.1 Adjusted EBITDA1 28.5 41.5 (13.0) (31.3) Adjusted EBITDA Margin1 (%) 19.9 29.3 (940 bps) Capital Expenditures2 16.4 13.0 Highlights • Change in sales reflects
Slide 12: Advanced Materials & Catalysts - Q1 2025 Financial Performance
Advanced Materials & Catalysts - Q1 2025 Financial Performance First First Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Advanced Silicas Sales 19.1 18.9 0.2 1.1 Zeolyst Joint Venture Sales 37.7 23.5 14.2 60.4 Adjusted EBITDA1 17.5 11.1 6.4 57.7 Adjusted EBITDA Margin1,2 (%) 30.8 26.2
Slide 13: Cash & Leverage
Cash & Leverage Adjusted Free Cash Flow 1 Net Debt Leverage Ratio2 4 $85.5 $80.0 3.3x 3.2x 3.2x 2.9x 3.0x $60.0 $19.1 $(13.0) 2024 Q1'24 Q1'25 2025 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Guidance Cash Generation Leverage Ratio and Debt Profile • Continued favorable cash flow from operations • No significant
Slide 14: Ecovyst 2025 Outlook
Ecovyst 2025 Outlook ($ in millions, 2024 Prior 2025 Revised 2025 except per share) Actual Outlook Outlook Sales1 $705 $755 - $815 $785 - $845 Zeolyst Joint Venture Sales $117 $115 - $130 No Change Adjusted EBITDA2 $238 $238 - $258 No Change Adjusted Free Cash Flow2 $86 $60 - $80 No Change Capital E
Slide 15: Ecovyst 2025 Outlook
Ecovyst 2025 Outlook Q3 Directional Guidance Ecoservices Ecoservices Turnaround Schedule • Expected peak quarter in 2025 • Foresee strong year-over-year regen volume and contractual pricing Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Higher expected turnaround costs compared to Q3 2024 2 2 1 • Estimate Adjust
Slide 16: Summary
Summary While cautious about the possibility of near-term softening in industrial 1 demand related to the current macroeconomic environment, expect long- term demand trends across our portfolio to remain positive Expect high refinery utilization, stable gasoline demand and incremental 2 mining deman
Slide 17: Appendix
APPENDIX
Slide 18: Annual Segment Sales, Adjusted EBITDA and Margins
Annual Segment Sales, Adjusted EBITDA and Margins Trailing Twelve Months Ended (TTM) Year Ended December 31, ($ in millions, except %) March 31, 2025 2024 2023 2022 2021 Sales: Ecoservices 599.8 598.3 584.8 702.5 500.5 1 Advanced Materials & Catalysts 106.4 106.2 106.3 117.7 110.7 Total sales 706.2
Slide 19: Quarterly Segment Sales, Adjusted EBITDA and Margins
Quarterly Segment Sales, Adjusted EBITDA and Margins Three Months Ended ($ in millions, except %) March 31, 2025 March 31, 2024 Sales: Ecoservices 143.1 141.6 Advanced Materials & Catalysts1 19.1 18.9 Total sales 162.2 160.5 Zeolyst Joint Venture sales 37.7 23.5 Adjusted EBITDA2: Ecoservices 28.5 41
Slide 20: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Three Months Ended March 31, 2025 Advanced Sales Materials & (in $ millions and %) Ecovyst Ecoservices Catalysts Sales: $ % $ % $ % Volume (4.3) (2.6) (4.5) (3.1) 0.2 1.1 Price/Mix 6.0 3.7 6.0 4.2 — — Sales Change 1.7 1.1 1.5 1.1 0.2 1.1 Adjusted
Slide 21: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA Three Months Ended TTM Year Ended December 31, December 31, December 31, December 31, ($ in millions, except %) March 31, 2025 March 31, 2025 2024 2023 2022 2021 Reconciliation of net (loss) income to Adjusted EBITDA Net (loss) income (3.6) (11.
Slide 22: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA Three Months Twelve Months Ended TTM Three Months Ended Ended March 31, March 31, March 31, June 30, September 30, December 31, December 31, ($ in millions, except %) 2025 2025 2024 2024 2024 2024 2024 Reconciliation of net (loss) income to Adju
Slide 23: 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 24: Adjusted Free Cash Flow
Adjusted Free Cash Flow Three months ended Full Year Three months ended ($ in millions) March 31, 2024 2024 March 31, 2025 Net cash provided by operating activities 36.5 149.9 10.3 Less: Purchases of property, plant and equipment1 17.4 69.0 24.3 Free Cash Flow 19.1 80.9 (14.0) Cash paid for debt fin
Slide 25: Net Debt Leverage Ratio
Net Debt Leverage Ratio ($ in millions, except %) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Total debt 875.3 873.0 873.0 870.8 868.6 Less: Cash and cash equivalents 103.1 83.3 123.5 146.0 127.5 Net debt 772.2 789.7 749.5 724.8 741.1 Net income (loss) 73.9 56.1
Slide 26: Accelerating the Transition to a Sustainability-Driven Future
ACCELERATING THE TRANSITIONTOA SUSTAINABILITY-DRIVEN FUTURE