Ecovyst (ECVT) Citi 2025 Basic Materials Conference presentation summary

Business overview and operations

• Focused on sulfuric acid regeneration, virgin sulfuric acid, catalyst activation, and waste treatment services, serving key industrial and refinery markets.

• Leading North American provider for sulfuric acid regeneration and virgin sulfuric acid, supporting top refineries and industrial applications.

• Demand drivers include growth in premium fuels, mining, industrial applications, and increasing regulations for cleaner fuels.

• Ongoing divestiture of Advanced Materials & Catalysts segment, with financials presented on a continuing operations basis.

Financial performance and highlights

• Q3 2025 sales reached $205 million, with Adjusted EBITDA of $58 million and margin of 28%.

• Ecoservices segment delivered $204.9 million in sales and $63.6 million Adjusted EBITDA, with a 31% margin in Q3 2025.

• Year-to-date Adjusted Free Cash Flow was $42 million, with available liquidity of $185 million at quarter-end.

• Sales growth driven by higher sulfur costs pass-through, favorable pricing, and increased virgin sulfuric acid volume.

• Adjusted EBITDA margin declined due to higher sulfur costs passed through on sales.

Capital structure and cash flow

• Gross debt at Q3 2025 was $864 million; post-divestiture, $450–$500 million of proceeds will pay down debt.

• Expected post-close debt balance is $364–$414 million, with projected net debt leverage ratio below 1.5x.

• Anticipated post-close cash balance of $150–$200 million.

• Year-to-date share repurchases totaled $27 million; $41 million used for Waggaman asset acquisition.

• Adjusted Free Cash Flow guidance for 2025 is $75–$85 million.