Slide 1: Fourth Quarter Earnings 2025
FOURTH QUARTER EARNINGS 2025 / 1
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 - 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 - Fourth Quarter 2025
Key Messages - Fourth Quarter 2025 1 Completed divestiture of Advanced Materials & Catalysts segment for a sale price of $556 million Strong sales volume for virgin sulfuric acid, including Waggaman 2 contribution and favorable regenerated sulfuric acid contractual pricing 3 Regeneration services sa
Slide 5: Demand Trends and Drivers
Demand Trends and Drivers 1. Short-term outlook 3-6 months 2. Long-term outlook > 12 months FOURTH QUARTER EARNINGS 2025 / 5
Slide 6: Fourth Quarter 2025 Financial Performance
Fourth Quarter 2025 Financial Performance
Slide 7: Key Highlights - Q4 2025 Continuing Operations
Key Highlights - Q4 2025 Continuing Operations $199 Mln $51 Mln $78 Mln Sales Q4 2025 26% Adjusted Free Cash Flow1,2 Adj. EBITDA and Margin1 FY 2025 Q4 2025 $182 Mln 1.2x $265 Mln Net Debt Leverage Share Repurchase Liquidity4 Ratio1,3 Authorization Remaining 1. See Appendix for reconciliations of No
Slide 8: Financial Performance - Fourth Quarter and Full Year 2025
Financial Performance - Fourth Quarter and Full Year 2025 Fourth Quarter Financial Results - Continuing Operations Fourth Fourth Quarter Quarter $ % $ % ($ in millions) 2025 2024 Change Change ($ in millions) Change Change Sales 199.4 148.9 50.5 33.9 Sales Change Factors 50.5 33.9 Net Income 9.2 23.
Slide 9: Financial Performance - Fourth Quarter 2025
Financial Performance - Fourth Quarter 2025 Highlights • Sales increase driven by higher sales volume for virgin sulfuric acid, including the contribution from the acquired Waggaman assets, and favorable contractual pricing for regenerated sulfuric acid, partially offset by lower sales volume for re
Slide 10: Adjusted EBITDA Bridge - Q4 2025
Adjusted EBITDA Bridge - Q4 2025 Positive price to cost ratio reflecting favorable contract pricing in regeneration services. Higher volume of virgin sulfuric acid partially offset by lower sales of regenerated sulfuric acid associated with unplanned and extended customer downtime Positive price-cos
Slide 11: Cash & Debt
Cash & Debt 1,2 Adjusted Free Cash Flow Gross Debt and Debt $85.5 Paydown $78.1 $864 $46 5M ln $397 2024 2025 Gross Debt - Paydown Post-Close Debt Q3 2025 Balance Cash Generation • 2025 Adjusted Free Cash Flow was used for: Debt Profile ◦ Q2'25 acquisition of Waggaman • Upon closing of AM&C divestit
Slide 12: Ecovyst 2026 Outlook
Ecovyst 2026 Outlook ($ in millions, 2025 except per share) Actual 2026 Continuing Outlook Operations Net Sales $724 $860 - $940 Adjusted EBITDA1 $172 $175 - $195 Adjusted Free Cash Flow1,2 $78 $35 - $55 Capital Expenditures $68 $80 - $90 Interest Expense3 $34 $18 - $22 Depreciation & Amortization $
Slide 13: Ecovyst 2026 Outlook - Quarterly Directional Guidance
Ecovyst 2026 Outlook - Quarterly Directional Guidance Q1 2026 • Favorable contractual pricing expected for regeneration services Turnaround Schedule • Higher sulfuric acid volume expected on mining demand and Waggaman contribution • Higher expected turnaround and transportation costs compared to Q1
Slide 14: Summary
Summary 1 Demand outlook currently positive. Anticipate higher volume for regeneration services and virgin sulfuric acid 2 Expect favorable contractual pricing for regeneration services and stable pricing for virgin sulfuric acid 3 Planned deployment of growth capital to accelerate organic growth St
Slide 15: Appendix
Fourth Quarter 2025 Appendix Financial Performance
Slide 16: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Sales Three months ended Year ended (in $ millions and %) December 31, 2025 December 31, 2025 Sales: $ % $ % Volume 18.2 12.2 27.3 4.6 Price/Mix 32.3 21.7 97.9 16.3 Sales Change 50.5 33.9 125.2 20.9 Adjusted EBITDA Adj. EBITDA Three months ended Y
Slide 17: Reconciliation of Net Income to Adjusted EBITDA from Continuing Operations
Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing Operations Three months ended Years ended ($ in millions, except %) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Reconciliation of net income from continuing operations to Adjusted E
Slide 18: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income from Continuing Operations to Adjusted Net Income Years ended ($ in millions, except share and per share amounts) December 31, 2025 December 31, 2024 Reconciliation of net income from Tax Per share, Per share, Tax Per share, Per share, continuing operations to Adjusted P
Slide 19: 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 20: Adjusted Free Cash Flow
Adjusted Free Cash Flow Full Year Full Year ($ in millions) 2025 2024 Net cash provided by operating activities 140.3 149.9 Less: Purchases of property, plant and equipment1 91.5 69.0 Free Cash Flow 48.8 80.9 Cash paid for debt financing costs 1.0 4.6 Cash paid for costs related to the Waggaman acqu
Slide 21: Net Debt Leverage Ratio - Continuing Operations
Net Debt Leverage Ratio - Continuing Operations ($ in millions, except %) December 31, 2025 Total debt 397.1 Less: Cash and cash equivalents 197.2 Net debt 199.9 Net income from continuing operations 6.3 Adjusted EBITDA from continuing operations 172.0 Net Debt to Net Income Ratio 31.7x Net Debt Lev
Slide 22: Driving progress by delivering reliable sulfur solutions for clean fuels and critical materials
Driving progress by delivering reliable sulfur solutions for clean fuels and critical materials