Slide 1: Third Quarter 2025
Third Quarter 2025 November 4, 2025 — 11 a.m. ET
Slide 2: Legal Discussion
Legal Discussion Continuing Operations Financial results are presented to exclude the Advanced Materials & Catalysts business, which is subject to a pending sale which the Company previously announced on September 11, 2025, from all quarterly and yearly results presented unless otherwise indicated.
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 - Third Quarter 2025
Key Messages - Third Quarter 2025 1 Announced agreement to sell our AM&C segment, with expected net proceeds of ~ $530 M and an expected closing in Q1 2026 2 Expect to deploy the net proceeds towards reducing debt by $450 M - $500 M, accelerating organic and inorganic growth, and returning capital t
Slide 5: Demand Trends and Outlook
Demand Trends and Outlook THIRD QUARTER EARNINGS 2025 / 5
Slide 6: Third Quarter 2025 Financial Performance
Third Quarter 2025 Financial Performance
Slide 7: Key Highlights - Continuing Operations
Key Highlights - Continuing Operations Q3 2025 Key Highlights $205 Mln $58 Mln $64 Mln Sales Q3 2025 28% 31% Adj. EBITDA and Margin Ecoservices Adj. EBITDA Q3 20251 and Margin Q3 2025 $202 Mln $42 Mln $185 Mln Share Repurchase Adjusted Liquidity3,4 Authorization Remaining Free Cash Flow 1,2,4 1. See
Slide 8: Financial Performance - Q3 2025
Financial Performance - Q3 2025 Third Quarter Financial Results - Continuing Operations Third Third Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Sales 204.9 153.9 51.0 33.1 Net Income 0.4 14.8 (14.4) (97.3) Net Income Margin (%) 0.2 9.6 (940 bps) Adjusted EBITDA1 57.5 48.7 8.8 18.1 Ad
Slide 9: Adjusted EBITDA Bridge - Q3 2025
Adjusted EBITDA Bridge - Q3 2025 Increase in Adjusted EBITDA reflects favorable contract pricing in regeneration services and higher virgin sulfuric acid volumes, partially offset by lower regeneration services volume and higher manufacturing and transportation costs. Waggaman contributed to higher
Slide 10: Ecoservices - Q3 2025 Financial Performance
Ecoservices - Q3 2025 Financial Performance Third Third Quarter Quarter $ % ($ in millions) 2025 2024 Change Change Sales 204.9 153.9 51.0 33.1 Adjusted EBITDA1 63.6 55.1 8.5 15.4 Adjusted EBITDA Margin1 (%) 31.0 35.8 (480 bps) YTD Capital Expenditures2 48.8 42.1 Highlights • Increase in sales refle
Slide 11: Cash & Debt
Cash & Debt 1,4 Adjusted Free Cash Flow Gross Debt and Expected 2 $85.5 $85.0 Paydown $864 $45 $54.7 0M $75.0 - $5 $42.4 00 M $414 $450 $364 2024 September September 2025 Gross Debt - Expected Post-Close Debt YTD 2024 YTD 2025 Guidance Q3 2025 Paydown Balance Range Cash Generation Debt Profile • Yea
Slide 12: Ecovyst Revised 2025 Outlook and 2026 Expectations
Ecovyst Revised 2025 Outlook and 2026 Expectations ($ in millions, Revised 2025 except per share) 2024 Actual Outlook 2026 Expectations + Waggaman contribution partially offset by turnaround costs. Mid single-digit million dollar range for Adjusted EBITDA Net Sales $598 $700 - $740 + Regeneration se
Slide 13: Summary
Summary Expect divestiture of Advanced Materials & Catalysts segment to close in 1 the first quarter 2026 2 Net proceeds of approximately $530 M will result in expected Net Debt Leverage ratio below 1.5x Prioritizing capital allocation to drive both organic and inorganic growth, 3 while returning ca
Slide 14: Appendix
APPENDIX
Slide 15: Sales and Adjusted EBITDA Major Change Factors
Sales and Adjusted EBITDA Major Change Factors Sales Sales Three Months Ended Nine months ended (in $ millions and %) September 30, 2025 September 30, 2025 Sales: $ % $ % Volume 16.7 10.9 9.1 2.0 Price/Mix 34.3 22.2 65.6 14.6 Sales Change 51.0 33.1 74.7 16.6 Adjusted EBITDA Adj. EBITDA Three Months
Slide 16: Ecoservices Anticipated Turnaround Schedule
Ecoservices Anticipated Turnaround Schedule Q1 2024 Q2 2024 Q3 2024 Q4 2024 2 2 0 1 Q1 2025 Q2 2025 Q3 2025 Q4 20251 2 2 1 0 Q1 20261 Q2 20261 Q3 20261 Q4 20261 3 2 0 2 1 Reflects expected timing for future turnarounds, subject to change THIRD QUARTER EARNINGS 2025 / 16
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended Nine Months Ended ($ in millions, except %) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA Net income (loss) from c
Slide 18: 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 19: Adjusted Free Cash Flow
Adjusted Free Cash Flow Nine months ended Full Year Nine months ended ($ in millions) September 30, 2024 2024 September 30, 2025 Net cash provided by operating activities 106.4 149.9 98.5 Less: Purchases of property, plant and equipment1 51.7 69.0 67.1 Free Cash Flow 54.7 80.9 31.4 Cash paid for deb
Slide 20: Reconciliation of Projected Debt to Projected Net Debt
Reconciliation of Projected Debt to Projected Net Debt1 ($ in millions, except ratios) Total debt as of September 30, 2025 864 864 Expected net proceeds 530 530 Expected debt paydown range (500) (450) Excess Cash 30 80 Cash and cash equivalents as of September 30, 2025 99 99 Expected Remaining Debt2
Slide 21: Accelerating the Transition to a Sustainability-Driven Future
ACCELERATING THE TRANSITIONTOA SUSTAINABILITY-DRIVEN FUTURE