Slide 1: Earnings conference call third quarter fiscal 2026
earnings conference call third quarter fiscal 2026 — July 29, 2026
Slide 2: Forward-Looking Statements
Forward -Looking Statements This presentation contains forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended . Ashland has identified some of these forward -looking statements with wo
Slide 3: Agenda
agenda — o Q3 performance summary o Q3 financial results o business unit reviews o strategic priorities & outlook o CEO priorities o Q&A 3
Slide 4: Q3 performance summary
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Slide 5: Q3 business drivers
Q3 business drivers — life sciences strong pharma demand and pricing delivered on pricing to preserve order patterns as well as continued traction margins in globalize and innovate strategies personal care solid care ingredients demand sales volumes rose 6% versus the prior -year across geographies
Slide 6: Q3 highlights
Q3 highlights 1 — commercial execution delivering results with operating performance steadily improving sales a djusted EBITDA adjusted EBITDA % adjusted EPS 2 +7 % (4) % (250) bps (2) % $497 MM $109 MM 21.9 % $1.02 LS strong, PC resilient, SA volume growth and LS and PC margins growth initiatives a
Slide 7: Solid demand supports earnings performance
solid demand supports earnings performance — portfolio wide growth supported by commercial execution… …delivering healthy margins despite transitory cost headwinds adjusted EBITDA margin comparisons 12% versus prior -year quarter 11% 33% 29% 7% 22% 5% 0 bps +110 bps 15% 4% 11% (250) bps (510) bps (1
Slide 8: Q3 financial results and business unit reviews
Q3 financial results and business unit reviews 8
Slide 9: Fiscal-third quarter adjusted results
fiscal -third quarter adjusted results 1 — Ashland adjusted results summary 1 ($US in millions, except percentages) Q3 FY26 Q3 FY25 change sales $497 $463 +7 % gross profit margin 34.8 % 35.2 % (40) bps SG&A / R&D costs / intangible amortization $112 $98 +14 % operating income $63 $65 (3) % EBITDA $
Slide 10: Life sciences
life sciences — highlights adjusted results summary 1 ($US in millions, except o fifth consecutive quarter of percentages) Q3 FY26 Q3 FY25 change pharma volume growth, driven by strong demand and sales $180 $162 +11 % order timing gross profit $74 $67 +10 % o globalize & innovate initiatives continu
Slide 11: Intermediates
intermediates — adjusted results summary 1 highlights ($US in millions, except o general merchant market percentages) Q3 FY26 Q3 FY25 change conditions stable with improving NMP North sales $37 $33 +12 % America demand in battery - related applications gross profit $5 $6 (17) % o pricing covering in
Slide 12: Personal care
personal care — highlights adjusted results summary 1 ($US in millions, except o resilient demand driving Q3 FY26 Q3 FY25 change percentages) continued broad -based volume growth across markets sales $155 $147 +5 % o growth was led by Americas gross profit $66 $61 +8 % as well as China gross profit
Slide 13: Specialty additives
specialty additives — highlights adjusted results summary 1 ($US in millions, except o coatings & performance percentages) Q3 FY26 Q3 FY25 change specialties growth supported by share gains and market sales $136 $131 +4 % recovery gross profit $28 $29 (3) % o volumes improving across most major mark
Slide 14: Strategic priorities & outlook
strategic priorities & outlook 14
Slide 15: Execute: manufacturing optimization
execute: manufacturing optimization — key updates 1 VP&D optimization • optimization initiatives advancing as planned; expected to deliver ~$12MM in FY26 benefits • final phase completed in F3Q26, delivering ~$3MM in FY26 2 small plant consolidation benefits • Hopewell HEC productivity investments r
Slide 16: Globalize & innovate: FY26 year-to-date progress
globalize & innovate : FY26 year -to -date progress — ahead of plan ahead of plan Globalize: expanding regional capabilities and customer Innovate: highlights include high purity excipients, skin longevity engagement driving growth across higher -value applications technologies, formulated rheology
Slide 17: FY26 outlook: reaffirming sales & EBITDA guidance
FY26 outlook : reaffirming sales & EBITDA guidance — forward looking insights •risks & opportunities • Middle east war impact on inflation and key market factors raw material availability • continued uncertainty related to potential Middle East conflict • North America and China coatings development
Slide 18: Advancing our innovative technology platforms
advancing our innovative technology platforms — o robust value propositions o strong customer engagement and progress across all businesses transformed vegetable oils o 52 patents filed to -date for platform technologies bioresorbabl e polymers multifunction al starch o 20 platform product launches
Slide 19: CEO priorities
CEO priorities —Operating Performance Strategic • safety • drive globalize initiatives • expand market positions • accelerate innovation commercialization • pricing to offset inflation • strengthen productivity culture • improve plant operating performance • develop talent & organizational capabilit
Slide 20: Guillermo Novo, Chair and CEO closing comments
Guillermo Novo, Chair and CEO closing comments 20
Slide 21: Thank you, Q&A
thank you Q&A o ) 3 i b of Ashland 21
Slide 22: Appendix A: adjusted results summary and balance sheet
appendix A: adjusted results summary and balance sheet 22
Slide 23: Q3 adjusted results summary
Q3 adjusted results summary 1 — ($US in millions, except percentages and per share data) Q3 FY26 Q3 FY25 change sales $497 $463 +7% gross profit $173 $163 +6 % gross profit margin 34.8 % 35.2 % (40) Bps SG&A / R&D costs / intangible amort. $112 $98 +14 % operating income $63 $65 (3) % depreciation &
Slide 24: Q3 business unit consolidation
Q3 business unit consolidation 1 — specialty intercompany unallocated ($US in millions, except percentages) life sciences personal care Intermediates Ashland additives eliminations 2 and other 3 sales $180 $155 $136 $37 ($11) - $497 gross profit $74 $66 $28 $5 $173 gross profit margin 41.1% 42.6% 20
Slide 25: Liquidity and net debt
liquidity and net debt — ($US in millions) expiration interest rate Moody’s rating S&P rating 6/30/26 balance cash $440 revolver availability 496 cash and revolver availability 1 $936 US and foreign A/R sales program 1 - debt 2.00% notes (EUR) Jan. 2028 2.000% Ba2 BB $571 3.375% notes Sept. 2031 3.3
Slide 26: Strong balance sheet & capital allocation strategy
strong balance sheet & capital allocation strategy — strong balance sheet and balanced capital allocation annual dividend 3 increase every year since 2009 strong balance sheet 1 o cash and liquidity available of ~$0.94 billion o net debt of $934 million; net leverage of 2.4x o next significant long
Slide 27: Appendix B: non-GAAP reconciliation
appendix B: non -GAAP reconciliation 1 1 Although Ashland provides forward looking guidance for Adjusted EBITDA in this presentation, Ashland is not reaffirming or pr oviding forward -looking guidance for U.S. GAAP reported financial measures or a reconciliation of forward -looking non -GAAP financi
Slide 28: Reconciliation of Non-GAAP Data
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non -GAAP Data for the 12 Months Ended June 30, 2026 — 28 1 Quarterly totals may not add to annual amounts due to rounding. Calculation of Adjusted EBITDA for each period presented hav e b een reconciled within certain financial filings wi
Slide 29: Segment Components of Key Items – 3 months ended June 30, 2025
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended June 30, 2025 — In millions - preliminary and unaudited ($ millions) T hre e M o nt hs E nde d J une 3 0 , 2 0 2 5 Unallo cated and Life Sciences P erso nal Ca
Slide 30: Segment Components of Key Items – 3 months ended June 30, 2026
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended June 30, 2026 — In millions - preliminary and unaudited ($ millions) Life Sciences P erso nal Care T hre e M o nt hs E nde d J une 3 0 , 2 0 2 6 Specialty A dd
Slide 31: Reconciliation of Non-GAAP Data – Free Cash Flow and Adjusted Operating Income
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non -GAAP Data – Free Cash Flow and Adjusted Operating Income for the 3 and 9 Months Ended June 30, 2026 and 2025 — ($ millions) Free cash flows Total cash flows provided by operating activities from continuing operations Adjustments: Addi
Slide 32: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Ashland Inc. Reconciliation of Non -GAAP Data – Adjusted EBITDA for the 3 Months Ended June 30, 2026 and 2025 — ($ millions) Three months ended June 30 Adjusted EBITDA - Ashland Inc. 2026 2025 Net income (loss) $ 16 $ (742) Income tax expense 15 15 Net interest and other income (8) (5) (a) Depreciat
Slide 33: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Life Sciences and Personal Care Reconciliation of Non -GAAP Data – Adjusted EBITDA for the 3 Months Ended June 30, 2026 and 2025 — ($ millions) Three months ended June 30 2026 2025 Adjusted EBITDA - Life Sciences Operating income (loss) $ 45 $ (343) Add: (a) Depreciation and amortization 15 14 Opera
Slide 34: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Specialties Additives and Intermediates Reconciliation of Non -GAAP Data – Adjusted EBITDA for the 3 Months Ended June 30, 2026 and 2025 — ($ millions) Three months ended June 30 2026 2025 Adjusted EBITDA - Specialty Additives Operating income (loss) $ 3 $ (345) Add: (a) Depreciation and amortizatio
Slide 35: Reconciliation of Non-GAAP Data – Adjusted Income from Continuing Operations
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non -GAAP Data – Adjusted Income from Continuing Operations for the 3 and 9 Months Ended June 30, 2026 and June 30, 2025 — ($ millions) Income (loss) from continuing operations (as reported) $ Three months ended 2026 June 30 41 $ 2025 (719
Slide 36: Reconciliation of Non-GAAP Data – Adjusted Diluted EPS from Continuing Operations
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non -GAAP Data – Adjusted Diluted EPS from Continuing Operations for the 3 and 9 Months Ended June 30, 2026 and 2025 — Diluted EPS from continuing operations (as reported) $ Three months ended 2026 0.89 June 30 $ 2025 (15.70) $ Nine months
Slide 37: Ashland always solving
<t Ashland always solving