Slide 1: Earnings conference call first quarter fiscal 2026
earnings conference call first quarter fiscal 2026 — February 3, 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 word
Slide 3: Agenda
agenda — o Q1 performance summary o Q1 financial results o business unit reviews o strategic priorities & outlook o CEO priorities o Q&A 3
Slide 4: Q1 performance summary
Q1 performance summary 4
Slide 5: Q1 business drivers
Q1 business drivers — o Life Sciences delivered healthy growth driven by resilient pharma demand, strong innovate-and-globalize momentum, with continued progress across injectables, tablet coatings and high-value excipients o Personal Care delivered stable performance excluding the prior year Avoca
Slide 6: Q1 highlights
Q1 highlights1 — delivered steady performance through focused execution and ongoing cost discipline sales adjusted EBITDA adjusted EBITDA % adjusted EPS2 (5) % (5) % (10) bps (7) % $386 MM $58 MM 15.0 % $0.26 LS growth more than lower volumes & modest offset by Avoca sale & margin supported by cost
Slide 7: Resilient performance maintained in mixed markets
resilient performance maintained in mixed markets — mixed demand trends across segments disciplined execution supports margin1 stability sales comparisons versus prior-year quarter comparisons versus prior-year quarter 4% 22% 21% -1% 15% 15% -3% +140 (130) +340 (1,500) (10) -6% bps bps bps bps bps 3
Slide 8: Q1 financial results and business unit reviews
Q1 financial results and business unit reviews 8
Slide 9: Fiscal-first quarter adjusted results
fiscal-first quarter adjusted results1 — Ashland adjusted results summary1 ($US in millions, except percentages) Q1 FY26 Q1 FY25 change sales $386 $405 (5) % gross profit margin 29.3 % 28.1 % +120 bps SG&A / R&D costs / intangible amortization $100 $104 (4) % operating income $14 $11 +27 % EBITDA $5
Slide 10: Life sciences
life sciences — adjusted results summary1 highlights ($US in millions, except o pharma resilience continued; Q1 FY26 Q1 FY25 change percentages) +LSD YoY, led by cellulosics, tablet coatings & injectables sales $139 $134 +4 % o pricing trends stable QoQ, gross profit $45 $43 +5 % modest YoY decline
Slide 11: Intermediates
intermediates — highlights adjusted results summary1 ($US in millions, except o oversupply across BDO value percentages) Q1 FY26 Q1 FY25 change chain continues to weigh on performance and pricing sales $31 $33 (6) % o merchant business stable gross profit $2 $5 (60) % with steady volumes and modest
Slide 12: Personal care
personal care — adjusted results summary1 highlights ($US in millions, except o avoca divestiture: ($10MM) Q1 FY26 Q1 FY25 change percentages) sales & ($1MM) EBITDA sales $123 $134 (8) % o organic sales down 1% YoY, demand broadly stable gross profit $44 $48 (8) % o biofunctional actives up DD gross
Slide 13: Specialty additives
specialty additives — adjusted results summary1 highlights ($US in millions, except o sales down YoY, reflecting Q1 FY26 Q1 FY25 change percentages) coatings softness in China and export markets and softer sales $102 $115 (11) % North America demand gross profit $22 $18 +22 % o overall coatings dema
Slide 14: Strategic priorities & outlook
strategic priorities & outlook 14
Slide 15: Execute: strengthening network, driving efficiencies
execute: strengthening network, driving efficiencies — FY26 target key updates 1 restructuring plan reset cost structure and eliminate stranded cost $12MM • plan completion; ratably over 1H • VP&D & small plant consolidation on 2 manufacturing optimization strengthen HEC & VP&D competitive positio
Slide 16: Globalize & innovate: FY26 early-year progress
globalize & innovate: FY26 early-year progress — on track on track Globalize: delivered strong growth across most businesses with Innovate: broad based growth led by pharma cellulosics with a early investment benefits and accelerating momentum healthy launch pipeline reinforcing momentum target prog
Slide 17: FY26 outlook: EBITDA range narrowed
FY26 outlook: EBITDA range narrowed — forward looking insights •risks & opportunities • mixed macro with regional variability key market factors • Life Sciences and Personal Care remain resilient with stable fundamentals • geopolitical and tariff uncertainty • Specialty Additives & Intermediates mix
Slide 18: Innovative new technology platforms
innovative new technology platforms — transformed vegetable oil nature-derived with tunable water solubility • Two new products launched since 2025 innovation day, now progressing through early commercial adoption • Regulatory packages filed in all key regions, enabling customer qualification cycles
Slide 19: CEO priorities
CEO priorities — build resilience & deliver commitments strengthen systems & processes • safety, sales growth, profitability, inventory, FCF, RONA • enhance S&OP, standard costing, financial planning • manufacturing optimization goals for FY26-27 • leverage AI for productivity advance strategy: exec
Slide 20: Closing comments
Guillermo Novo, Chair and CEO closing comments 20
Slide 21: Thank you Q&A
21 <P ren, [Ashland
Slide 22: Appendix A: adjusted results summary and balance sheet
appendix A: adjusted results summary and balance sheet 22
Slide 23: Q1 adjusted results summary
Q1 adjusted results summary1 — ($US in millions, except percentages and per share data) Q1 FY26 Q1 FY25 change sales $386 $405 (5) % gross profit $113 $114 (1) % gross profit margin 29.3 % 28.1 % +120 bps SG&A / R&D costs / intangible amort. $100 $104 (4) % operating income $14 $11 +27 % depreciatio
Slide 24: Q1 business unit consolidation
Q1 business unit consolidation1 — specialty intercompany unallocated ($US in millions, except percentages) life sciences personal care Intermediates Ashland additives eliminations2 and other3 sales $139 $123 $102 $31 ($9) - $386 gross profit $45 $44 $22 $2 $113 gross profit margin 32.4% 35.8% 21.6%
Slide 25: Liquidity and net debt
liquidity and net debt — ($US in millions) expiration interest rate Moody’s rating S&P rating 12/31/25 balance cash $304 revolver availability 596 cash and revolver availability1 $900 US and foreign A/R sales program1 - debt 2.00% notes (EUR) Jan. 2028 2.000% Ba2 BB+ $588 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 dividend3 increase every year since 2009 strong balance sheet1 o cash and liquidity available of ~$0.9 billion o net debt of $1,083 million; net leverage of 2.7x o next significant long-t
Slide 27: Appendix B: non-GAAP reconciliation
appendix B: non-GAAP reconciliation1 1 Although Ashland provides forward looking guidance for Adjusted EBITDA in this presentation, Ashland is not reaffirming or providing forward-looking guidance for U.S. GAAP reported financial measures or a reconciliation of forward-looking non-GAAP financial mea
Slide 28: Reconciliation of Non-GAAP Data
Ashland Inc. and Consolidated Subsidiaries Reconciliation of Non-GAAP Data for the 12 Months Ended December 31, 2025 — 28 1 Quarterly totals may not add to annual amounts due to rounding. Calculation of Adjusted EBITDA for each period presented have been reconciled within certain financial filings w
Slide 29: Segment Components of Key Items – 3 months ended December 31, 2025
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended December 31, 2025 — In millions - preliminary and unaudited ($ millions) Three Months Ended December 31, 2025 Unallocated & Life Sciences Personal Care Special
Slide 30: Segment Components of Key Items – 3 months ended December 31, 2024
Ashland Inc. and Consolidated Subsidiaries Segment Components of Key Items for Applicable Income Statement Captions – for the 3 months ended December 31, 2024 — In millions - preliminary and unaudited ($ millions) Life Sciences Personal Care Three Months Ended December 31, 2024 Specialty Additives I
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 Months Ended December 31, 2025 and 2024 Three months ended December 31 Free cash flows 2025 2024 ($ millions) Total cash flows provided (used) by operating activities
Slide 32: Reconciliation of Non-GAAP Data – Adjusted EBITDA
Ashland Inc. Reconciliation of Non-GAAP Data – Adjusted EBITDA for the 3 Months Ended December 31, 2025 and 2024 — ($ millions) Three months ended December 31 Adjusted EBITDA - Ashland Inc. 2025 2024 Net loss $ (12) $ (165) Income tax benefit (1) (43) Net interest and other expense 8 28 Depreciation
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 December 31, 2025 and 2024 — ($ millions) Three months ended December 31 2025 2024 Adjusted EBITDA - Life Sciences Operating income $ 17 $ 14 Add: Depreciation and amortization 14 14 Adjusted EBI
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 December 31, 2025 and 2024 — ($ millions) Three months ended December 31 2025 2024 Adjusted EBITDA - Specialty Additives Operating loss $ (8) $ (5) Add: Depreciation and amortization(a) 1
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 Months Ended December 31, 2025 and 2024 Three months ended ($ millions) December 31 2025 2024 Loss from continuing operations (as reported) $ (14) $ (166) Key items, be
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 Months Ended December 31, 2025 and 2024 Three months ended December 31 2025 2024 Diluted EPS from continuing operations (as reported) $ (0.30) $ (3.51) Key items,
Slide 37: Ashland – always solving
<t Ashland always solving