Ingevity reports third quarter 2025 financial results
HIGHLIGHTS:
-
Announced the sale of the majority of Industrial Specialties product line and
North Charleston crude tall oil refinery for$110 million -
Total Net sales of
$362.1 million 4% compared to prior year, primarily due to lower sales in Advanced Polymer Technologies and Performance Chemicals; net sales from continuing operations of$333.1 million -
Net income of
$43.5 million $1.18 $40.8 million $1.10 -
Total Adjusted Earnings of
$56.3 million $1.52 $121.2 million 14% and margin improved to33.5% -
Operating cash flow of
$129.7 million $117.8 million $25 million -
Ingevity revises full year guidance: Total Net sales between
$1.25 billion $1.35 billion $390 million $405 million
The results and guidance in this release include non-GAAP financial measures, several of which are new to present results on a combined basis inclusive of continuing and discontinued operations. Refer to the section entitled “Use of non-GAAP financial measures” within this release. All comparisons are made versus the same period in 2024 unless otherwise stated.
The sale of the majority of the Industrial Specialties product line and
Net sales from continuing operations were
Adjusted earnings from continuing operations of
“We are excited to have executed the initial step in our portfolio optimization with the announced sale of Industrial Specialties and the
Performance Materials
Performance Materials sales increased
Advanced Polymer Technologies
Sales in Advanced Polymer Technologies declined by
Performance Chemicals
Sales in Performance Chemicals from continuing operations were
Liquidity/Other
Total operating cash flow, inclusive of discontinued operations, was
Full Year 2025 Guidance
The Company is revising full-year guidance to total net sales between
Additional Information
The company will host a live webcast on Thursday, November 6, at 10:00 a.m. (Eastern) to discuss Ingevity’s third quarter fiscal results. The webcast can be accessed here or on the investors section of Ingevity’s website. You may also listen to the conference call by dialing 833 470 1428 (inside the
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in three reporting segments: Performance Materials, which includes activated carbon; Advanced Polymer Technologies, which includes caprolactone polymers; and Performance Chemicals, which includes specialty chemicals and pavement technologies. Our products are used in a variety of demanding applications, including adhesives, agrochemicals, asphalt paving, certified biodegradable bioplastics, coatings, elastomers, pavement markings and automotive components. Headquartered in
Use of non-GAAP financial measures: This press release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided within the Appendix to this press release. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided. The company does not attempt to provide reconciliations of forward-looking non-GAAP guidance to the comparable GAAP measure because the impact and timing of the factors underlying the guidance assumptions are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, Ingevity believes such reconciliations would imply a degree of certainty that could be confusing to investors.
Forward-looking statements: This press release contains “forward looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” “guidance,” “believes,” “anticipates” or similar expressions. Forward looking statements may include, without limitation, anticipated timing, results, charges and costs of any current or future repositioning of our Performance Chemicals segment, including the Divestiture, the oleo-based product refining transition, closure of our plants in
INGEVITY CORPORATION Condensed Consolidated Statements of Operations (Unaudited)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions, except per share data |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net sales |
$ |
333.1 |
|
$ |
333.8 |
|
|
$ |
912.5 |
|
|
$ |
936.8 |
|
|
Cost of sales |
|
199.2 |
|
|
|
202.2 |
|
|
|
538.8 |
|
|
|
571.9 |
|
Gross profit |
|
133.9 |
|
|
|
131.6 |
|
|
|
373.7 |
|
|
|
364.9 |
|
Selling, general, and administrative expenses |
|
44.1 |
|
|
|
37.9 |
|
|
|
129.6 |
|
|
|
119.5 |
|
Research and technical expenses |
|
7.0 |
|
|
|
6.2 |
|
|
|
21.0 |
|
|
|
18.0 |
|
Restructuring and other (income) charges, net |
|
1.0 |
|
|
|
3.3 |
|
|
|
10.1 |
|
|
|
8.3 |
|
Goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
183.8 |
|
|
|
306.6 |
|
Acquisition-related costs |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
Other (income) expense, net |
|
1.2 |
|
|
|
6.5 |
|
|
|
9.5 |
|
|
|
7.8 |
|
Interest expense, net |
|
18.4 |
|
|
|
23.8 |
|
|
|
56.4 |
|
|
|
69.3 |
|
Income (loss) from continuing operations before income taxes |
|
62.2 |
|
|
|
54.0 |
|
|
|
(36.7 |
) |
|
|
(164.6 |
) |
Provision (benefit) for income taxes on continuing operations |
|
21.4 |
|
|
|
6.5 |
|
|
|
34.8 |
|
|
|
(23.6 |
) |
Net income (loss) from continuing operations |
|
40.8 |
|
|
|
47.5 |
|
|
|
(71.5 |
) |
|
|
(141.0 |
) |
Income (loss) from discontinued operations, net of income taxes |
|
2.7 |
|
|
|
(154.7 |
) |
|
|
(11.0 |
) |
|
|
(305.9 |
) |
Net income (loss) |
$ |
43.5 |
|
|
$ |
(107.2 |
) |
|
$ |
(82.5 |
) |
|
$ |
(446.9 |
) |
|
|
|
|
|
|
|
|
||||||||
Per share data |
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share from continuing operations |
$ |
1.12 |
|
|
$ |
1.31 |
|
|
$ |
(1.97 |
) |
|
$ |
(3.88 |
) |
Basic earnings (loss) per share from discontinued operations |
|
0.08 |
|
|
|
(4.26 |
) |
|
|
(0.30 |
) |
|
|
(8.43 |
) |
Basic earnings (loss) per share |
$ |
1.20 |
|
|
$ |
(2.95 |
) |
|
$ |
(2.27 |
) |
|
$ |
(12.31 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share from continuing operations |
$ |
1.10 |
|
|
$ |
1.30 |
|
|
$ |
(1.97 |
) |
|
$ |
(3.88 |
) |
Diluted earnings (loss) per share from discontinued operations |
|
0.08 |
|
|
|
(4.24 |
) |
|
|
(0.30 |
) |
|
|
(8.43 |
) |
Diluted earnings (loss) per share |
$ |
1.18 |
|
|
$ |
(2.94 |
) |
|
$ |
(2.27 |
) |
|
$ |
(12.31 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
36.3 |
|
|
|
36.3 |
|
|
|
36.4 |
|
|
|
36.3 |
|
Diluted |
|
37.0 |
|
|
|
36.5 |
|
|
|
36.4 |
|
|
|
36.3 |
|
INGEVITY CORPORATION Segment Operating Results (Unaudited)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Performance Materials |
$ |
155.0 |
|
|
$ |
151.1 |
|
|
$ |
455.7 |
|
|
$ |
453.4 |
|
Performance Chemicals |
|
139.9 |
|
|
|
133.9 |
|
|
|
333.1 |
|
|
|
338.7 |
|
Advanced Polymer Technologies |
|
38.2 |
|
|
|
48.8 |
|
|
|
123.7 |
|
|
|
144.7 |
|
Net sales |
$ |
333.1 |
|
|
$ |
333.8 |
|
|
$ |
912.5 |
|
|
$ |
936.8 |
|
|
|
|
|
|
|
|
|
||||||||
Performance Materials |
$ |
79.9 |
|
|
$ |
80.6 |
|
|
$ |
236.1 |
|
|
$ |
240.8 |
|
Performance Chemicals |
|
24.8 |
|
|
|
24.3 |
|
|
|
55.1 |
|
|
|
45.3 |
|
Advanced Polymer Technologies |
|
9.9 |
|
|
|
9.8 |
|
|
|
23.3 |
|
|
|
29.1 |
|
Segment EBITDA (1) |
$ |
114.6 |
|
|
$ |
114.7 |
|
|
$ |
314.5 |
|
|
$ |
315.2 |
|
Interest expense, net |
|
(18.4 |
) |
|
|
(23.8 |
) |
|
|
(56.4 |
) |
|
|
(69.3 |
) |
(Provision) benefit for income taxes on continuing operations |
|
(21.4 |
) |
|
|
(6.5 |
) |
|
|
(34.8 |
) |
|
|
23.6 |
|
Depreciation and amortization (2) |
|
(27.7 |
) |
|
|
(25.2 |
) |
|
|
(77.4 |
) |
|
|
(75.0 |
) |
Restructuring and other income (charges), net (3) (4) |
|
(1.0 |
) |
|
|
(3.3 |
) |
|
|
(10.1 |
) |
|
|
(8.3 |
) |
Goodwill impairment charge (3) (5) |
|
— |
|
|
|
— |
|
|
|
(183.8 |
) |
|
|
(306.6 |
) |
Acquisition and other-related costs (3) (6) |
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
Gain (loss) on strategic investments (3) (7) |
|
— |
|
|
|
(2.2 |
) |
|
|
(2.5 |
) |
|
|
(2.1 |
) |
Proxy contest charges (3) (8) |
|
— |
|
|
|
— |
|
|
|
(8.2 |
) |
|
|
— |
|
Portfolio review expenses (3) (9) |
|
(1.1 |
) |
|
|
— |
|
|
|
(1.1 |
) |
|
|
— |
|
Indirect costs allocated to Divestiture (3) (10) |
|
(4.2 |
) |
|
|
(6.3 |
) |
|
|
(11.7 |
) |
|
|
(18.5 |
) |
Net income (loss) from continuing operations |
$ |
40.8 |
|
|
$ |
47.5 |
|
|
$ |
(71.5 |
) |
|
$ |
(141.0 |
) |
_______________ |
|
(1) |
Segment EBITDA is the primary measure used by our chief operating decision maker ("CODM"), the CEO and President of Ingevity, to evaluate the performance of and allocate resources among our reportable segments. Segment EBITDA is defined as segment net sales less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, research and technical expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items from segment EBITDA: interest expense associated with corporate debt facilities, interest income, income taxes, depreciation, amortization, restructuring and other income (charges), net, goodwill impairment charges, acquisition and other-related income (costs), litigation verdict charges, gain (loss) on strategic investments, proxy contest charges, portfolio review expenses, indirect costs allocated to Divestiture, and pension and postretirement settlement and curtailment income (charges), net. |
(2) |
The table below provides an allocation of these charges between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Performance Materials |
$ |
11.3 |
|
$ |
9.7 |
|
$ |
31.1 |
|
$ |
29.0 |
||||
Performance Chemicals |
|
6.4 |
|
|
|
6.1 |
|
|
|
18.3 |
|
|
|
18.3 |
|
Advanced Polymer Technologies |
|
8.9 |
|
|
|
7.9 |
|
|
|
24.9 |
|
|
|
23.0 |
|
Indirect costs allocated to Divestiture (i) |
|
1.1 |
|
|
|
1.5 |
|
|
|
3.1 |
|
|
|
4.7 |
|
Depreciation and amortization |
$ |
27.7 |
|
|
$ |
25.2 |
|
|
$ |
77.4 |
|
|
$ |
75.0 |
|
_______________ |
|
|
|
|
|
|
|
||||||||
(i) Includes indirect costs previously allocated to the Divestiture that are not eligible for discontinued operations accounting treatment. |
|||||||||||||||
(3) |
For more information on these charges, refer to the Reconciliation of Adjusted Earnings table on page 8. |
(4) |
The table below provides an allocation of these charges between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Performance Materials |
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.7 |
|
Performance Chemicals |
|
0.2 |
|
|
|
1.2 |
|
|
|
1.4 |
|
|
|
3.7 |
|
Advanced Polymer Technologies |
|
0.1 |
|
|
|
0.2 |
|
|
|
6.6 |
|
|
|
0.1 |
|
Indirect costs allocated to Divestiture |
|
0.7 |
|
|
|
1.3 |
|
|
|
2.1 |
|
|
|
3.8 |
|
Restructuring and other (income) charges, net |
$ |
1.0 |
|
$ |
3.3 |
|
$ |
10.1 |
|
$ |
8.3 |
||||
_______________ |
|
|
|
|
|
|
|
||||||||
(i) Includes indirect costs previously allocated to the Divestiture that are not eligible for discontinued operations accounting treatment. |
|||||||||||||||
(5) |
For the three and nine months ended September 30, 2025, charges relate to the Advanced Polymer Technologies reportable segment. For the three and nine months ended September 30, 2024, charges relate to the Performance Chemicals reportable segment. |
(6) |
For the three and nine months ended September 30, 2024, charges relate to the Performance Chemicals reportable segment. |
(7) |
The table below provides an allocation of these charges between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Performance Materials |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.1 |
) |
|||
Performance Chemicals |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Advanced Polymer Technologies |
|
— |
|
|
|
2.2 |
|
|
|
2.5 |
|
|
|
2.2 |
|
(Gain) loss on strategic investments |
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
2.5 |
|
|
$ |
2.1 |
|
(8) |
Charges represent legal and other professional service fees as well as incremental proxy solicitation costs related to a proxy contest. |
(9) |
Charges represent professional service fees related to a review of the company's portfolio. |
(10) |
Includes indirect costs previously allocated to the Divestiture that are not eligible for discontinued operations accounting treatment. |
INGEVITY CORPORATION Condensed Consolidated Balance Sheets (Unaudited)
|
|||||||
In millions |
September 30, 2025 |
|
December 31, 2024 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
83.4 |
|
$ |
68.0 |
||
Accounts receivable, net |
|
168.1 |
|
|
|
131.7 |
|
Inventories, net |
|
193.7 |
|
|
|
180.8 |
|
Prepaid and other current assets |
|
45.8 |
|
|
|
51.1 |
|
Current assets of discontinued operations |
|
31.2 |
|
|
|
61.6 |
|
Current assets |
|
522.2 |
|
|
|
493.2 |
|
Property, plant, and equipment, net |
|
629.7 |
|
|
|
644.1 |
|
Goodwill |
|
4.3 |
|
|
|
175.2 |
|
Other intangibles, net |
|
267.6 |
|
|
|
278.8 |
|
Deferred income taxes |
|
93.2 |
|
|
|
117.9 |
|
Restricted investment |
|
83.7 |
|
|
|
81.6 |
|
Strategic investments |
|
105.2 |
|
|
|
87.3 |
|
Other assets |
|
103.6 |
|
|
|
116.2 |
|
Noncurrent assets of discontinued operations |
|
24.3 |
|
|
|
28.3 |
|
Total Assets |
$ |
1,833.8 |
|
|
$ |
2,022.6 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Accounts payable |
$ |
100.9 |
|
|
$ |
94.5 |
|
Accrued expenses |
|
159.1 |
|
|
|
58.1 |
|
Notes payable and current maturities of long-term debt |
|
102.0 |
|
|
|
61.3 |
|
Other current liabilities |
|
45.0 |
|
|
|
45.2 |
|
Current liabilities of discontinued operations |
|
4.6 |
|
|
|
5.0 |
|
Current liabilities |
|
411.6 |
|
|
|
264.1 |
|
Long-term debt including finance lease obligations |
|
1,158.5 |
|
|
|
1,339.7 |
|
Deferred income taxes |
|
56.2 |
|
|
|
56.2 |
|
Other liabilities |
|
62.6 |
|
|
|
157.6 |
|
Noncurrent liabilities of discontinued operations |
|
6.8 |
|
|
|
9.8 |
|
Total Liabilities |
|
1,695.7 |
|
|
|
1,827.4 |
|
Equity |
|
138.1 |
|
|
|
195.2 |
|
Total Liabilities and Equity |
$ |
1,833.8 |
|
|
$ |
2,022.6 |
|
INGEVITY CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
2025 (1) |
|
2024 (1) |
|
2025 (1) |
|
2024 (1) |
||||||||
Cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
43.5 |
|
|
$ |
(107.2 |
) |
|
$ |
(82.5 |
) |
|
$ |
(446.9 |
) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
28.0 |
|
|
|
26.2 |
|
|
|
78.5 |
|
|
|
83.1 |
|
Restructuring and other (income) charges, net |
|
9.9 |
|
|
|
86.9 |
|
|
|
44.1 |
|
|
|
162.8 |
|
CTO resales |
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
50.8 |
|
(Gain) loss on strategic investment |
|
— |
|
|
|
6.7 |
|
|
|
2.5 |
|
|
|
11.4 |
|
Goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
183.8 |
|
|
|
349.1 |
|
CTO supply contract termination charges |
|
— |
|
|
|
100.0 |
|
|
|
— |
|
|
|
100.0 |
|
Other non-cash items |
|
35.9 |
|
|
|
(24.7 |
) |
|
|
47.0 |
|
|
|
(77.3 |
) |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: |
|
|
|
|
|
|
|
||||||||
Restructuring and other cash outflow, net |
|
(12.3 |
) |
|
|
(21.0 |
) |
|
|
(35.4 |
) |
|
|
(43.9 |
) |
CTO resales cash inflow (outflow), net |
|
— |
|
|
|
0.3 |
|
|
|
6.2 |
|
|
|
(45.0 |
) |
CTO supply contract termination cash outflow |
|
— |
|
|
|
(50.0 |
) |
|
|
— |
|
|
|
(50.0 |
) |
Changes in other operating assets and liabilities, net |
|
24.7 |
|
|
|
28.5 |
|
|
|
(10.1 |
) |
|
|
(30.0 |
) |
Net cash provided by (used in) operating activities |
$ |
129.7 |
|
|
$ |
46.5 |
|
|
$ |
234.1 |
|
|
$ |
64.1 |
|
Cash provided by (used in) investing activities: |
|
|
|
|
|
|
|
||||||||
Capital expenditures |
$ |
(11.9 |
) |
|
$ |
(18.0 |
) |
|
$ |
(34.1 |
) |
|
$ |
(52.7 |
) |
Purchase of strategic investments |
|
(21.0 |
) |
|
|
— |
|
|
|
(21.0 |
) |
|
|
— |
|
Other investing activities, net |
|
4.8 |
|
|
|
0.6 |
|
|
|
12.7 |
|
|
|
1.2 |
|
Net cash provided by (used in) investing activities |
$ |
(28.1 |
) |
|
$ |
(17.4 |
) |
|
$ |
(42.4 |
) |
|
$ |
(51.5 |
) |
Cash provided by (used in) financing activities: |
|
|
|
|
|
|
|
||||||||
Proceeds from revolving credit facility and other borrowings |
$ |
51.0 |
|
|
$ |
30.3 |
|
|
$ |
209.5 |
|
|
$ |
150.5 |
|
Payments on revolving credit facility and other borrowings |
|
(120.7 |
) |
|
|
(36.2 |
) |
|
|
(350.0 |
) |
|
|
(119.3 |
) |
Finance lease obligations, net |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
Tax payments related to withholdings on vested equity awards |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(2.8 |
) |
|
|
(2.9 |
) |
Proceeds and withholdings from share-based compensation plans, net |
|
0.6 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
Repurchases of common stock under stock repurchase plan |
|
(25.2 |
) |
|
|
— |
|
|
|
(25.2 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
$ |
(94.8 |
) |
|
$ |
(6.3 |
) |
|
$ |
(168.8 |
) |
|
$ |
27.4 |
|
Increase (decrease) in cash, cash equivalents, and restricted cash |
|
6.8 |
|
|
|
22.8 |
|
|
|
22.9 |
|
|
|
40.0 |
|
Effect of exchange rate changes on cash |
|
0.5 |
|
|
|
5.4 |
|
|
|
4.9 |
|
|
|
1.6 |
|
Change in cash, cash equivalents, and restricted cash(2) |
|
7.3 |
|
|
|
28.2 |
|
|
|
27.8 |
|
|
|
41.6 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
107.1 |
|
|
|
125.3 |
|
|
|
86.6 |
|
|
|
111.9 |
|
Cash, cash equivalents, and restricted cash at end of period (2) |
$ |
114.4 |
|
|
$ |
153.5 |
|
|
$ |
114.4 |
|
|
$ |
153.5 |
|
|
|
|
|
|
|
|
|
||||||||
(1) The cash flows related to discontinued operations have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Condensed Consolidated Statements of Cash Flows include the results of continuing and discontinued operations. |
|||||||||||||||
(2) Includes restricted cash of |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Supplemental cash flow information: |
|
|
|
|
|
|
|
||||||||
Cash paid for interest, net of capitalized interest |
$ |
13.5 |
|
|
$ |
18.7 |
|
|
$ |
50.7 |
|
|
$ |
61.0 |
|
Cash paid for income taxes, net of refunds |
|
1.5 |
|
|
|
1.8 |
|
|
|
7.1 |
|
|
|
24.0 |
|
Purchases of property, plant, and equipment in accounts payable |
|
(0.7 |
) |
|
|
0.4 |
|
|
|
1.6 |
|
|
|
2.2 |
|
Leased assets obtained in exchange for new operating lease liabilities |
|
0.6 |
|
|
|
3.6 |
|
|
|
1.0 |
|
|
|
5.5 |
|
Ingevity Corporation
Non-GAAP Financial Measures
Ingevity has presented certain financial measures, defined below, which have not been prepared in accordance with
We believe these non-GAAP financial measures provide management as well as investors, potential investors, securities analysts, and others with useful information to evaluate the performance of the business, because such measures, when viewed together with our financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance, liquidity measures, and projected future results.
Ingevity uses the following non-GAAP measures:
Adjusted earnings (loss) from continuing operations is defined as net income (loss) from continuing operations plus restructuring and other (income) charges, net, goodwill impairment charges, acquisition and other-related (income) costs, pension and postretirement settlement and curtailment (income) charges, (gain) loss on strategic investments, debt refinancing fees, litigation verdict charges, proxy contest charges, portfolio review expenses, and the income tax expense (benefit) on those items, less the provision (benefit) from certain discrete tax items.
Adjusted earnings (loss) from discontinued operations is defined as net income (loss) from discontinued operations plus restructuring and other (income) charges, net, goodwill impairment charges, acquisition and other-related (income) costs, loss on CTO resales, CTO supply contract termination charges, (gain) loss on strategic investments, and the income tax expense (benefit) on those items, less the provision (benefit) from certain discrete tax items.
Total adjusted earnings (loss) is defined as Adjusted earnings (loss) from continuing operations and Adjusted earnings (loss) from discontinued operations.
Diluted adjusted earnings (loss) from continuing operations per share is defined as diluted earnings (loss) from continuing operations per share plus restructuring and other (income) charges, net, per share, goodwill impairment charges per share, acquisition and other-related (income) costs per share, pension and postretirement settlement and curtailment (income) charges per share, (gain) loss on strategic investments per share, debt refinancing fees per share, litigation verdict charge per share, proxy contest charges per share, portfolio review expenses per share, and the income tax expense (benefit) per share on those items, less the provision (benefit) from certain discrete tax items per share.
Diluted adjusted earnings (loss) from discontinued operations per share is defined as diluted earnings (loss) from discontinued operations per share plus restructuring and other (income) charges, net, per share, goodwill impairment charges per share, acquisition and other-related (income) costs per share, loss on CTO resales per share, CTO supply contract termination charges per share, (gain) loss on strategic investments per share, and the income tax expense (benefit) per share on those items, less the provision (benefit) from certain discrete tax items per share.
Total diluted adjusted earnings (loss) per share is defined as diluted adjusted earnings (loss) from continuing operations per share and diluted adjusted earnings (loss) from discontinued operations per share.
Adjusted EBITDA from continuing operations is defined as net income (loss) from continuing operations plus interest expense, net, provision (benefit) for income taxes, depreciation, amortization, restructuring and other (income) charges, net, goodwill impairment charges, acquisition and other-related (income) costs, litigation verdict charges, (gain) loss on strategic investments, proxy contest charges, portfolio review expenses, and pension and postretirement settlement and curtailment (income) charges, net.
Adjusted EBITDA from discontinued operations is defined as net income (loss) from discontinued operations plus interest expense, net, provision (benefit) for income taxes, depreciation, amortization, restructuring and other (income) charges, net, goodwill impairment charges, acquisition and other-related (income) costs, (gain) loss on strategic investments, loss on CTO resales, and CTO supply contract termination charges.
Total adjusted EBITDA is defined as Adjusted EBITDA from continuing operations and Adjusted EBITDA from discontinued operations.
Adjusted EBITDA margin from continuing operations is defined as Adjusted EBITDA from continuing operations divided by Net sales from continuing operations
Adjusted EBITDA margin from discontinued operations is defined as Adjusted EBITDA from discontinued operations divided by Net sales from discontinued operations
Total Adjusted EBITDA Margin is defined as Total Adjusted EBITDA divided by Total net sales.
Total Net Sales is defined as Net sales from continuing operations and Net sales from discontinued operations
Net Debt is defined as the sum of notes payable, short-term debt, current maturities of long-term debt and long-term debt including finance lease obligations less the sum of cash and cash equivalents, restricted cash associated with our new market tax credit financing arrangement, and restricted investment associated with certain finance lease obligations, excluding the allowance for credit losses on held-to-maturity debt securities held within the restricted investment.
Net Debt Ratio is defined as Net Debt divided by the last twelve months Total Adjusted EBITDA.
Free Cash Flow is defined as the sum of net cash provided by (used in) the following items: operating activities less capital expenditures.
Ingevity's management also uses the above financial measures as the primary measures of profitability and liquidity of the business. In addition, Ingevity believes Total Adjusted EBITDA and Total Adjusted EBITDA Margin are useful measures because they exclude the effects of financing and investment activities as well as non-operating activities.
GAAP Reconciliation of 2025 Total Adjusted EBITDA Guidance
A reconciliation of net income to Total Adjusted EBITDA as projected for 2025 is not provided. Ingevity does not forecast net income as it cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components, net of tax, include further restructuring and other income (charges), net; additional acquisition and other-related (income) costs; litigation verdict charges; additional pension and postretirement settlement and curtailment (income) charges; and revisions due to legislative tax rate changes. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in Total Adjusted EBITDA, that have a similar impact on the comparability of periods, and which are not known at this time, may exist and impact Total Adjusted EBITDA.
INGEVITY CORPORATION Reconciliation of Non-GAAP Financial Measures
Reconciliation of Net Income (Loss) (GAAP) to Total Adjusted Earnings (Loss) (Non-GAAP) and Reconciliation of Diluted Earnings (Loss) per Common Share (GAAP) to Total Diluted Adjusted Earnings per Share (Non-GAAP)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions, except per share data (unaudited) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net income (loss) from continuing operations (GAAP) |
$ |
40.8 |
|
|
$ |
47.5 |
|
|
$ |
(71.5 |
) |
|
$ |
(141.0 |
) |
Restructuring and other (income) charges, net (1) |
|
1.0 |
|
|
|
3.3 |
|
|
|
10.1 |
|
|
|
8.3 |
|
Goodwill impairment charge (2) |
|
— |
|
|
|
— |
|
|
|
183.8 |
|
|
|
306.6 |
|
Acquisition and other-related costs (3) |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
(Gain) loss on strategic investments (4) |
|
— |
|
|
|
2.2 |
|
|
|
2.5 |
|
|
|
2.1 |
|
Proxy contest charges (5) |
|
— |
|
|
|
— |
|
|
|
8.2 |
|
|
|
— |
|
Portfolio review expenses (6) |
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
Tax effect on items above (7) |
|
(0.5 |
) |
|
|
(1.0 |
) |
|
|
(51.2 |
) |
|
|
(74.2 |
) |
Certain discrete tax provision (benefit) (8) |
|
5.9 |
|
|
|
(3.4 |
) |
|
|
47.2 |
|
|
|
21.0 |
|
Adjusted earnings (loss) from continuing operations (Non-GAAP) |
$ |
48.3 |
|
|
$ |
48.5 |
|
|
$ |
130.2 |
|
|
$ |
122.8 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from discontinued operations (GAAP) |
$ |
2.7 |
|
|
$ |
(154.7 |
) |
|
$ |
(11.0 |
) |
|
$ |
(305.9 |
) |
Restructuring and other (income) charges, net (1) |
|
8.8 |
|
|
|
83.6 |
|
|
|
33.9 |
|
|
|
154.5 |
|
Goodwill impairment charge (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42.5 |
|
Loss on CTO resales (9) |
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
50.8 |
|
CTO supply contract termination charges (10) |
|
— |
|
|
|
100.0 |
|
|
|
— |
|
|
|
100.0 |
|
(Gain) loss on strategic investments (4) |
|
— |
|
|
|
4.5 |
|
|
|
— |
|
|
|
9.3 |
|
Tax effect on items above (7) |
|
(2.0 |
) |
|
|
(42.3 |
) |
|
|
(7.9 |
) |
|
|
(83.8 |
) |
Certain discrete tax provision (benefit) (8) |
|
(1.5 |
) |
|
|
(0.2 |
) |
|
|
(1.5 |
) |
|
|
3.4 |
|
Adjusted earnings (loss) from discontinued operations (Non-GAAP) |
$ |
8.0 |
|
|
$ |
(8.3 |
) |
|
$ |
13.5 |
|
|
$ |
(29.2 |
) |
|
|
|
|
|
|
|
|
||||||||
Total adjusted earnings (loss) (Non-GAAP) |
$ |
56.3 |
|
|
$ |
40.2 |
|
|
$ |
143.7 |
|
|
$ |
93.6 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) from continuing operations per share (GAAP) |
$ |
1.10 |
|
|
$ |
1.30 |
|
|
$ |
(1.97 |
) |
|
$ |
(3.88 |
) |
Restructuring and other (income) charges, net |
|
0.03 |
|
|
|
0.09 |
|
|
|
0.28 |
|
|
|
0.25 |
|
Goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
5.01 |
|
|
|
8.40 |
|
Acquisition and other-related costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on strategic investments |
|
— |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
Proxy contest charges |
|
— |
|
|
|
— |
|
|
|
0.22 |
|
|
|
— |
|
Strategic review charges |
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Tax effect on items above |
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(1.38 |
) |
|
|
(2.03 |
) |
Certain discrete tax provision (benefit) |
|
0.16 |
|
|
|
(0.09 |
) |
|
|
1.28 |
|
|
|
0.58 |
|
Diluted adjusted earnings (loss) from continuing operations per share (Non-GAAP) |
$ |
1.31 |
|
|
$ |
1.33 |
|
|
$ |
3.54 |
|
|
$ |
3.38 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) from discontinued operations per share (GAAP) |
$ |
0.08 |
|
|
$ |
(4.24 |
) |
|
$ |
(0.30 |
) |
|
$ |
(8.43 |
) |
Restructuring and other (income) charges, net |
|
0.23 |
|
|
|
2.30 |
|
|
|
0.92 |
|
|
|
4.23 |
|
Goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.22 |
|
Loss on CTO resales |
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
1.40 |
|
CTO supply contract termination charges |
|
— |
|
|
|
2.75 |
|
|
|
— |
|
|
|
2.75 |
|
(Gain) loss on strategic investments |
|
— |
|
|
|
0.12 |
|
|
|
— |
|
|
|
0.25 |
|
Tax effect on items above |
|
(0.06 |
) |
|
|
(1.17 |
) |
|
|
(0.22 |
) |
|
|
(2.33 |
) |
Certain discrete tax provision (benefit) |
|
(0.04 |
) |
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
0.09 |
|
Diluted adjusted earnings (loss) from discontinued operations per share (Non-GAAP) |
$ |
0.21 |
|
|
$ |
(0.23 |
) |
|
$ |
0.36 |
|
|
$ |
(0.82 |
) |
|
|
|
|
|
|
|
|
||||||||
Total diluted adjusted earnings (loss) per share (Non-GAAP) |
$ |
1.52 |
|
|
$ |
1.10 |
|
|
$ |
3.90 |
|
|
$ |
2.56 |
|
Weighted average common shares outstanding - Diluted(11) |
|
37.0 |
|
|
|
36.5 |
|
|
|
36.8 |
|
|
|
36.5 |
|
_______________ |
|
(1) |
We regularly perform strategic reviews and assess the return on our operations, which sometimes results in a plan to restructure the business. These costs are excluded from our reportable segment results; details of which are included in the table below. For the details of these costs between our reportable segments, see Segment Operating Results on page 2. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Work force reductions and other |
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
8.0 |
|
|
$ |
— |
|
Performance Chemicals repositioning |
|
0.7 |
|
|
|
2.0 |
|
|
|
2.1 |
|
|
|
3.4 |
|
Restructuring charges (i) |
$ |
1.0 |
|
|
$ |
2.0 |
|
|
$ |
10.1 |
|
|
$ |
3.4 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
— |
|
|
|
4.9 |
|
Other (income) charges, net (i) |
$ |
— |
|
|
$ |
1.3 |
|
|
$ |
— |
|
|
$ |
4.9 |
|
Restructuring and other (income) charges, net (ii) |
$ |
1.0 |
|
$ |
3.3 |
|
$ |
10.1 |
|
$ |
8.3 |
||||
_________________ |
|||||||||||||||
(i) Amounts are recorded within Restructuring and other (income) charges, net on the condensed consolidated statement of operations. |
|||||||||||||||
(ii) For information on our Workforce reductions and other, Performance Chemicals' repositioning, and |
|||||||||||||||
(2) |
During the second quarter of 2025, the company concluded that the carrying value of the Advanced Polymer Technologies reporting unit exceeded its fair value, resulting in a non-cash goodwill impairment charge. During the second quarter of 2024, the company concluded that the carrying value of the Performance Chemicals reporting unit exceeded its fair value, resulting in a non-cash goodwill impairment charge. |
(3) |
Charges represent (income) losses incurred to complete and integrate acquisitions and other strategic investments. Charges may include the expensing of the inventory fair value step-up resulting from the application of purchase accounting for acquisitions and certain legal and professional fees associated with the completion of acquisitions and strategic investments. For the details of these costs between our reportable segments, see Segment Operating Results on page 2. |
(4) |
We exclude gains and losses from strategic investments from our segment results, as well as our non-GAAP financial measures, because we do not consider such gains or losses to be directly associated with the operational performance of the segment. We believe that the inclusion of such gains or losses, would impair the factors and trends affecting the historical financial performance of our reportable segments. We continue to include undistributed earnings or loss, distributions, amortization or accretion of basis differences, and other-than-temporary impairments for equity method investments that we believe are directly attributable to the operational performance of such investments, in our reportable segment results. |
(5) |
Charges represent legal and other professional service fees as well as incremental proxy solicitation costs related to a proxy contest. |
(6) |
Charges represent professional service fees related to a review of the company's portfolio. |
(7) |
Income tax impact of non-GAAP adjustments is the summation of the calculated income tax charge related to each pre-tax non-GAAP adjustment. The non-GAAP adjustments relate primarily to adjustments in |
(8) |
Represents certain discrete tax items such as excess tax benefits on stock compensation and impacts of legislative tax rate changes. |
(9) |
Due to the DeRidder Plant closure and the corresponding reduced CTO refining capacity, we were obligated, under an existing CTO supply contract, to purchase CTO through 2025 at amounts in excess of required CTO volumes. On July 1, 2024, the CTO supply contract that resulted in these excess CTO volumes was terminated. As a result of the termination, the purchases under the CTO supply contract ended effective June 30, 2024. The CTO resale activity described above ended in 2024. |
(10) |
As consideration for the termination of the CTO supply contract, we made a cash payment in the amount of |
(11) |
The average number of shares outstanding used in the nine months ended September 30, 2025 diluted adjusted earnings (loss) per share computation (Non-GAAP) includes 0.4 million diluted shares. The average number of shares outstanding used in the nine months ended September 30, 2024 diluted adjusted earnings (loss) per share computation (Non-GAAP) includes 0.2 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings (loss) per share computations (GAAP) as we had a net loss from continuing operations on a GAAP basis. |
INGEVITY CORPORATION Reconciliation of Non-GAAP Financial Measures
Reconciliation of Net Income (Loss) (GAAP) to Total Adjusted EBITDA (Non-GAAP)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions, except percentages (unaudited) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net income (loss) from continuing operations (GAAP) |
$ |
40.8 |
|
|
$ |
47.5 |
|
|
$ |
(71.5 |
) |
|
$ |
(141.0 |
) |
Provision (benefit) for income taxes on continuing operations |
|
21.4 |
|
|
|
6.5 |
|
|
|
34.8 |
|
|
|
(23.6 |
) |
Interest expense, net |
|
18.4 |
|
|
|
23.8 |
|
|
|
56.4 |
|
|
|
69.3 |
|
Depreciation and amortization |
|
27.7 |
|
|
|
25.2 |
|
|
|
77.4 |
|
|
|
75.0 |
|
Restructuring and other (income) charges, net (1) |
|
1.0 |
|
|
|
3.3 |
|
|
|
10.1 |
|
|
|
8.3 |
|
Goodwill impairment charge (1) |
|
— |
|
|
|
— |
|
|
|
183.8 |
|
|
|
306.6 |
|
Acquisition and other-related (income) costs (1) |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
(Gain) loss on strategic investments (1) |
|
— |
|
|
|
2.2 |
|
|
|
2.5 |
|
|
|
2.1 |
|
Proxy contest charges (1) |
|
— |
|
|
|
— |
|
|
|
8.2 |
|
|
|
— |
|
Portfolio review expenses (1) |
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
Adjusted EBITDA from continuing operations (Non-GAAP) |
$ |
110.4 |
|
|
$ |
108.4 |
|
|
$ |
302.8 |
|
|
$ |
296.7 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from discontinued operations (GAAP) |
$ |
2.7 |
|
|
$ |
(154.7 |
) |
|
$ |
(11.0 |
) |
|
$ |
(305.9 |
) |
Provision (benefit) for income taxes on discontinued operations |
|
(1.0 |
) |
|
|
(37.2 |
) |
|
|
(4.3 |
) |
|
|
(73.9 |
) |
Depreciation and amortization |
|
0.3 |
|
|
|
1.0 |
|
|
|
1.1 |
|
|
|
8.1 |
|
Restructuring and other (income) charges, net (1) |
|
8.8 |
|
|
|
83.6 |
|
|
|
33.9 |
|
|
|
154.5 |
|
Goodwill impairment charge (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42.5 |
|
Loss on CTO resales (1) |
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
50.8 |
|
CTO supply contract termination charges (1) |
|
— |
|
|
|
100.0 |
|
|
|
— |
|
|
|
100.0 |
|
(Gain) loss on strategic investments (1) |
|
— |
|
|
|
4.5 |
|
|
|
— |
|
|
|
9.3 |
|
Adjusted EBITDA from discontinued operations (Non-GAAP) |
$ |
10.8 |
|
|
$ |
(2.0 |
) |
|
$ |
19.7 |
|
|
$ |
(14.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Total Adjusted EBITDA (Non-GAAP) |
$ |
121.2 |
|
|
$ |
106.4 |
|
|
$ |
322.5 |
|
|
$ |
282.1 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales from continuing operations |
$ |
333.1 |
|
|
$ |
333.8 |
|
|
$ |
912.5 |
|
|
$ |
936.8 |
|
Net income (loss) margin from continuing operations |
|
12.2 |
% |
|
|
14.2 |
% |
|
|
(7.8 |
)% |
|
|
(15.1 |
)% |
Adjusted EBITDA margin from continuing operations (Non-GAAP) |
|
33.1 |
% |
|
|
32.5 |
% |
|
|
33.2 |
% |
|
|
31.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Net sales from discontinued operations |
$ |
29.0 |
|
|
$ |
43.1 |
|
|
$ |
98.7 |
|
|
$ |
170.8 |
|
Net income (loss) margin from discontinued operations |
|
9.3 |
% |
|
|
(358.9 |
)% |
|
|
(11.1 |
)% |
|
|
(179.1 |
)% |
Adjusted EBITDA margin from discontinued operations (Non-GAAP) |
|
37.2 |
% |
|
|
(4.6 |
)% |
|
|
20.0 |
% |
|
|
(8.5 |
)% |
|
|
|
|
|
|
|
|
||||||||
Total Net sales (Non-GAAP) |
$ |
362.1 |
|
|
$ |
376.9 |
|
|
$ |
1,011.2 |
|
|
$ |
1,107.6 |
|
Net income (loss) as a percentage of Total Net sales |
|
12.0 |
% |
|
|
(28.4 |
)% |
|
|
(8.2 |
)% |
|
|
(40.3 |
)% |
Total Adjusted EBITDA margin (Non-GAAP) |
|
33.5 |
% |
|
|
28.2 |
% |
|
|
31.9 |
% |
|
|
25.5 |
% |
_______________ |
|
(1) |
For more information on these charges, refer to the Reconciliation of Adjusted Earnings table on page 8. |
INGEVITY CORPORATION Reconciliation of Non-GAAP Financial Measures
Calculation of Free Cash Flow (Non-GAAP)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
In millions (unaudited) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net cash provided by (used in) operating activities |
$ |
129.7 |
|
$ |
46.5 |
|
$ |
234.1 |
|
$ |
64.1 |
||||
Less: Capital expenditures |
|
11.9 |
|
|
|
18.0 |
|
|
|
34.1 |
|
|
|
52.7 |
|
Free Cash Flow (Non-GAAP) |
$ |
117.8 |
|
|
$ |
28.5 |
|
|
$ |
200.0 |
|
|
$ |
11.4 |
|
INGEVITY CORPORATION Reconciliation of Non-GAAP Financial Measures
Calculation of Net Debt Ratio (Non-GAAP)
|
|||
In millions, except ratios (unaudited) |
September 30, 2025 |
||
Notes payable and current maturities of long-term debt |
$ |
102.0 |
|
Long-term debt including finance lease obligations |
|
1,158.5 |
|
Debt issuance costs |
|
3.4 |
|
Total Debt |
|
1,263.9 |
|
Less: |
|
||
Cash and cash equivalents (1) |
|
83.5 |
|
Restricted investment (2) |
|
83.9 |
|
Net Debt |
$ |
1,096.5 |
|
|
|
||
Net Debt Ratio (Non-GAAP) |
|
||
Total Adjusted EBITDA (Non-GAAP) |
|
||
Twelve months ended December 31, 2024 |
$ |
362.7 |
|
Nine months ended September 30, 2024 (3) |
|
(282.1 |
) |
Nine months ended September 30, 2025 (3) |
|
322.5 |
|
Total Adjusted EBITDA (Non-GAAP) - last twelve months (LTM) as of September 30, 2025 |
$ |
403.1 |
|
Net debt ratio (Non-GAAP) |
|
2.7x |
|
_______________ |
|
(1) |
Includes |
(2) |
Our restricted investment is a trust managed in order to secure repayment of the finance lease obligation associated with Performance Materials' |
(3) |
Refer to the Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP) schedule on page 11 for the reconciliation to the most comparable GAAP financial measure. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105801814/en/
Contact:
Caroline Monahan
843-740-2068
media@ingevity.com
Investors:
John E. Nypaver, Jr.
843-740-2002
investors@ingevity.com
Source: Ingevity Corporation
