Slide 1: Second Quarter 2025
Second Quarter 2025 August 7, 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 - Second Quarter 2025
Key Messages - Second Quarter 2025 Ecoservices sales up 14%, on favorable contractual pricing and pass-through 1 of higher sulfur costs, partially offset by lower regeneration volume arising from unplanned and extended customer downtime Sales for Advanced Silicas lower on timing of sales for niche c
Slide 5: Key Highlights
Key Highlights Q2 2025 Key Highlights $200 Mln $56 Mln 24% GAAP Sales Adj. EBITDA Adj. EBITDA Margin Q2 2025 Q2 20251 Q2 20251,2 3.5x $(2) Mln $152 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 EBI
Slide 6: Demand Trends and Outlook
Demand Trends and Outlook SECOND QUARTER EARNINGS 2025 / 6
Slide 7: Second Quarter 2025 Financial Performance
Second Quarter 2025 Financial Performance
Slide 8: Financial Performance - Q2 2025
Financial Performance - Q2 2025 Second Quarter Financial Results Second Second Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Ecovyst Sales 200.1 182.8 17.3 9.5 Zeolyst Joint Venture Sales 28.4 29.0 (0.6) (2.1) Net Income 6.0 8.3 (2.3) (27.7) Net Income Margin (%) 3.0 4.5 (150 bps) Adju
Slide 9: Adjusted EBITDA Bridge - Q2 2025
Adjusted EBITDA Bridge - Q2 2025 Change in Adjusted EBITDA reflects lower regeneration volume in Ecoservices and lower sales volume in Advanced Materials & Catalysts associated with order timing, largely offset by positive pricing in Ecoservices and lower manufacturing and turnaround costs Positive
Slide 10: Ecoservices - Q2 2025 Financial Performance
Ecoservices - Q2 2025 Financial Performance Second Second Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Sales 176.0 153.9 22.1 14.4 Adjusted EBITDA1 49.8 49.7 0.1 0.2 Adjusted EBITDA Margin1 (%) 28.3 32.3 (400 bps) YTD Capital Expenditures2 37.2 29.3 Highlights • Change in sales reflec
Slide 11: Advanced Materials & Catalysts - Q2 2025 Financial Performance
Advanced Materials & Catalysts - Q2 2025 Financial Performance Second Second Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Advanced Silicas Sales 24.1 28.9 (4.8) (16.6) Zeolyst Joint Venture Sales 28.4 29.0 (0.6) (2.1) Adjusted EBITDA1 13.7 14.7 (1.0) (6.8) Adjusted EBITDA Margin1,2 (%
Slide 12: Cash & Leverage
Cash & Leverage Adjusted Free Cash Flow 1 Net Debt Leverage Ratio4 2 $85.5 3.5x $80.0 3.3x 3.2x 3.2x 3.0x $70.0 $14.4 $(2.4) 2024 June YTD June YTD 2025 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 2024 2025 Guidance Cash Generation Leverage Ratio and Debt Profile • Year-to-date Adjusted Free Cash Flow at June 30,
Slide 13: Ecovyst 2025 Outlook
Ecovyst 2025 Outlook ($ in millions, 2024 Prior 2025 Revised 2025 except per share) Actual Outlook Outlook Sales1 $705 $785 - $845 $795 - $835 Zeolyst Joint Venture Sales $117 $115 - $130 $125 - $140 Adjusted EBITDA2 $238 $238 - $258 $242 - $254 Adjusted Free Cash Flow2 $86 $60 - $80 $70 - $80 Capit
Slide 14: Ecovyst 2025 Outlook
Ecovyst 2025 Outlook Ecoservices Anticipated Q4 Directional Guidance Turnaround Schedule Q1 2024 Q2 2024 Q3 2024 Q4 2024 Ecoservices 2 2 0 1 • Expect stable year-over-year regen and virgin volume Q1 2025 Q2 20251 Q3 20251 Q4 20251 • Foresee strong contractual regen pricing and virgin sulfuric acid p
Slide 15: Summary
Summary 1 Maintaining the midpoint of our guidance range for Adjusted EBITDA Expect high refinery utilization, incremental demand for virgin sulfuric acid 2 in mining applications and favorable pricing to benefit Ecoservices over the balance of 2025 For Advanced Materials & Catalysts, continue to ex
Slide 16: Appendix
APPENDIX
Slide 17: Annual Segment Sales, Adjusted EBITDA and Margins
Annual Segment Sales, Adjusted EBITDA and Margins Trailing Twelve Months Ended (TTM) Year Ended December 31, ($ in millions, except %) June 30, 2025 2024 2023 2022 2021 Sales: Ecoservices 621.9 598.3 584.8 702.5 500.5 1 Advanced Materials & Catalysts 101.6 106.2 106.3 117.7 110.7 Total sales 723.5 7
Slide 18: Quarterly Segment Sales, Adjusted EBITDA and Margins
Quarterly Segment Sales, Adjusted EBITDA and Margins Six Months Six Months Three Months Ended Ended Three Months Ended Ended ($ in millions, except %) March 31, 2025 June 30, 2025 June 30, 2025 March 31, 2024 June 30, 2024 June 30, 2024 Sales: Ecoservices 143.1 176.0 319.1 141.6 153.9 295.6 Advanced
Slide 19: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Advanced Advanced Sales Materials & Materials & (in $ millions and %) Ecovyst Ecoservices Catalysts Ecovyst Ecoservices Catalysts Sales: $ % $ % $ % $ % $ % $ % Volume (9.0) (4.9) (4.
Slide 20: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended TTM Year Ended June 30, June 30, December 31, December 31, December 31, December 31, ($ in millions, except %) 2025 2025 2024 2023 2022 2021 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss) 6.0 (13.8) (
Slide 21: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA Twelve Months Three Months Ended TTM Three Months Ended Ended March 31, June 30, June 30, March 31, June 30, September 30, December 31, December 31, ($ in millions, except %) 2025 2025 2025 2024 2024 2024 2024 2024 Reconciliation of net (loss) i
Slide 22: 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 23: Adjusted Free Cash Flow
Adjusted Free Cash Flow Six months ended Full Year Six months ended ($ in millions) June 30, 2024 2024 June 30, 2025 Net cash provided by operating activities 46.4 149.9 43.3 Less: Purchases of property, plant and equipment1 36.6 69.0 49.5 Free Cash Flow 9.8 80.9 (6.2) Cash paid for debt financing c
Slide 24: Net Debt Leverage Ratio
Net Debt Leverage Ratio ($ in millions, except %) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Total debt 873.0 873.0 870.8 868.6 866.5 Less: Cash and cash equivalents 83.3 123.5 146.0 127.5 69.6 Net debt 789.7 749.5 724.8 741.1 796.9 TTM Net income (loss) 56.1 53.
Slide 25: Accelerating the Transition to a Sustainability-Driven Future
ACCELERATING THE TRANSITIONTOA SUSTAINABILITY-DRIVEN FUTURE