Ecovyst Inc. · NYSE:ECVT
Ecovyst — Q1 2026 Earnings Presentation
24 slides from Ecovyst's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026
First Quarter 2026 May 5, 2026 — 11 a.m. ET
Slide 2: Legal Discussion
Legal Discussion Continuing Operations Financial results are presented on a continuing operations basis, which excludes the Advanced Materials & Catalysts business, which was sold effective December 31, 2025. Forward-Looking Statements Some of the information contained in this presentation, the conf
Slide 3: Legal Discussion
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 2026
Key Messages - First Quarter 2026 1 Regeneration services sales increased compared to Q1'25, driven by high demand for alkylate and lower customer downtime 2 Sales for virgin sulfuric acid increased year-over-year, reflecting the contribution from the acquired Waggaman sulfuric acid assets and posit
Slide 5: Acquisition of Calabrian Sulfur Dioxide & Derivatives Business
Acquisition of Calabrian Sulfur Dioxide & Derivatives Business Calabrian provides sulfur dioxide and sulfur-based derivatives as essential inputs in the mining industry's cyanide-destruction processes and in other applications within water treatment, specialty chemicals and food preservatives Overvi
Slide 6: Strategic Rationale
Strategic Rationale • Expands Ecovyst’s product offering in sulfur chemistry and related derivatives into adjacent end uses • Enhances Ecovyst’s scale and diversifies end use and geographic exposure • Increases penetration into high-growth industries such as water treatment, mining, food and pharma
Slide 7: Demand Trends and Outlook
Demand Trends and Outlook 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months FIRST QUARTER EARNINGS 2026 / 7
Slide 8: First Quarter 2026 Financial Performance
First Quarter 2026 Financial Performance
Slide 9: Key Highlights - Continuing Operations
Key Highlights - Continuing Operations Q1 2026 Key Highlights $215 Mln $40 Mln $4 Mln Sales Adj. EBITDA Adjusted Free Cash Q1 2026 Q1 20261 Flow1,2 Q1 2026 $36 Mln 1.2x $237 Mln Share Repurchases Net Debt Leverage Liquidity4 Ratio1,3 1. See Appendix for reconciliations of Non-GAAP financial measures
Slide 10: Financial Performance - Q1 2026
Financial Performance - Q1 2026 First Quarter Financial Results - Continuing Operations First First $ % Quarter Quarter $ % Change Change ($ in millions) ($ in millions) 2026 2025 Change Change Sales Change Factors 71.9 50.2 Sales 215.0 143.1 71.9 50.2 Volume 32.2 22.5 Net Income (Loss) 5.7 (8.1) 13
Slide 11: Adjusted EBITDA Bridge - Q1 2026
Adjusted EBITDA Bridge - Q1 2026 Increase in Adjusted EBITDA reflects higher sales volume, including the contribution from the acquired Waggaman sulfuric acid assets and favorable pricing, partially offset by higher manufacturing costs, driven by higher turnaround activity, general inflation and inc
Slide 12: Cash & Leverage
Cash & Leverage 1,4 Adjusted Free Cash Flow Net Debt Leverage Ratio 4 $78.1 1.2x $55.0 2 1.2x $4.2 $40.0 $(13.0) 2025 Q1 '25 Q1 '26 2026 Guidance 12/31/2025 3/31/2026 Cash Generation Debt Profile • Q1 2026 Adjusted Free Cash Flow1 of $4 • Gross debt of $397 million million • Cash & cash equivalents
Slide 13: Revised 2026 Outlook
Revised 2026 Outlook ($ in millions, Prior 2026 Revised 2026 except per share) 2025 Actual Outlook Outlook Net Sales $724 $860 - $940 $890- $970 Adjusted EBITDA1 $172 $175 - $195 $180- $195 Adjusted Free Cash Flow1,2 $78 $35 - $55 $40 - $55 Capital Expenditures $68 $80 - $90 $80 - $90 Interest Expen
Slide 14: Ecovyst 2026 Outlook
Ecovyst 2026 Outlook Q2 Directional Guidance • Project regeneration services volume to be up vs. Q2'25 with favorable contractual pricing • Project virgin sulfuric acid to be up vs. Q2'25 on mining Anticipated Turnaround Schedule demand and Waggaman contribution Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Exp
Slide 15: Summary
Summary Demand outlook remains positive for regeneration services and virgin 1 sulfuric acid 2 Revising full-year guidance and raising low end of guidance range for Adjusted EBITDA and Adjusted Free Cash Flow 3 Expect Calabrian acquisition to close by the end of the second quarter, subject to satisf
Slide 16: Appendix
APPENDIX
Slide 17: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Sales Three months ended (in $ millions and %) March 31, 2026 Sales: $ % Volume 32.2 22.5 Price/Mix 39.7 27.7 Sales Change 71.9 50.2 Adjusted EBITDA Adj. EBITDA Three months ended (in $ millions and %) March 31, 2026 Adj EBITDA: $ % Volume/Mix 14.
Slide 18: Reconciliation of Net Income (Loss) to Adjusted EBITDA from Continuing Operations
Reconciliation of Net Income (Loss) from Continuing Operations to Adjusted EBITDA from Continuing Operations Three months ended Twelve months ended ($ in millions, except %) March 31, 2026 March 31, 2025 March 31, 2026 December 31, 2025 Reconciliation of net income (loss) from continuing operations
Slide 19: Reconciliation of Net Income (Loss) to Adjusted Net Income
Reconciliation of Net Income (Loss) from Continuing Operations to Adjusted Net Income Three months ended ($ in millions, except share and per share amounts) March 31, 2026 March 31, 2025 Reconciliation of net income (loss) Tax Per share, Per share, Tax Per share, Per share, from continuing operation
Slide 20: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income from Continuing Operations to Adjusted Net Income Year ended ($ in millions, except share and per share amounts) December 31, 2025 Reconciliation of net income from Tax expense Per share, Per share, continuing operations to Adjusted Net Pre-tax (benefit) After-tax basic
Slide 21: Descriptions for reconciliation of Non-GAAP financial measures
Descriptions for reconciliation of Non-GAAP financial measures (a) When asset disposals occur, we remove the impact of net gain/loss of the disposed asset because such impact primarily reflects the non-cash write-off of long-lived assets no longer in use. (b) Relates to certain transaction costs, in
Slide 22: Adjusted Free Cash Flow
Adjusted Free Cash Flow Three months ended Three months ended Full Year ($ in millions) March 31, 2026 March 31, 2025 2025 Net cash provided by operating activities 16.9 10.3 140.3 Less: Purchases of property, plant and equipment1 14.1 24.3 91.5 Free Cash Flow 2.8 (14.0) 48.8 Cash paid for debt fina
Slide 23: Net Debt Leverage Ratio - Continuing Operations
Net Debt Leverage Ratio - Continuing Operations ($ in millions, except %) March 31, 2026 December 31, 2025 Total debt 397.1 397.1 Less: Cash and cash equivalents 162.6 197.2 Net debt 234.5 199.9 Trailing twelve months: Net income from continuing operations 20.1 6.3 Adjusted EBITDA from continuing op
Slide 24: Driving Progress
Driving Progress BY DELIVERING RELIABLE SULFUR SOLUTIONS FOR CLEAN FUELS AND CRITICAL MATERIALS