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Ashland Inc. SVP and CTO Osama M. Musa exercised 9,793 Stock Appreciation Rights at an exercise price of $57.96 per share, eliminating this SAR position. The exercise was settled on a net-share basis, resulting in the acquisition of 1,267 common shares and increasing his direct holdings to 30,806 shares. The SARs were granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan and the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on February 26, 2026.
Ashland Inc. reported for the quarter ended June 30, 2026 sales of $497 million, up from $463 million a year earlier. Gross profit rose to $170 million from $132 million. Operating income was $43 million versus a prior-year operating loss of $708 million, which had included $706 million of goodwill impairment. Income from continuing operations was $41 million compared with a loss of $719 million, and after a $25 million loss from discontinued operations, net income was $16 million, or $0.35 per diluted share, versus a net loss of $742 million, or $(16.21) per share.
For the nine months ended June 30, 2026, sales were $1.365 billion versus $1.347 billion in 2025. Net income was $20 million (earnings of $0.43 per share) compared with a loss of $877 million (loss of $18.85 per share). Cash flows from continuing operations provided $295 million, up from $94 million, helping increase cash and cash equivalents to $440 million at June 30, 2026 from $215 million at September 30, 2025. Long-term debt was $1.374 billion, and the consolidated net leverage ratio was 2.3 under a new $500 million five-year revolving credit facility, with $496 million of capacity available.
Legacy and restructuring items remain significant. Discontinued operations reflected asbestos-related and other legacy losses of $25 million in the quarter. Ashland increased asbestos litigation reserves to $262 million for Ashland and $183 million for Hercules, partly offset by insurance receivables of $103 million and $53 million, respectively. Restructuring-related severance expense was $4 million for the nine months, and accelerated depreciation for plant optimization was $4 million, both below prior-year levels, while no new goodwill impairments were recorded.
Ashland Inc. senior vice president Alessandra Faccin reported equity award activity. On 2026-07-27, 3,215 Restricted Stock Units were converted into an equal number of Ashland common shares at an indicated price of $66.38 per share. Of these shares, 884 were withheld to cover tax liabilities under Ashland’s shareholder-approved incentive plan. Following the RSU transaction, her directly held balance of equity awards tied to Ashland common stock totaled 9,646 units, including amounts acquired in lieu of cash dividends. Footnotes also note a prior grant of 15,234 RSUs on July 25, 2024, vesting 20% on July 25, 2025, 20% on July 25, 2026, and 60% on July 25, 2027, conditioned on continuous employment.
Ashland Inc. appointed Peter Thomas and Allen Spizzo as independent directors effective July 27, 2026, with initial terms running until the 2027 annual meeting of stockholders. With these appointments, the board temporarily expands to eleven members, with a planned reduction to ten members at the 2027 meeting.
The company also created a Capital Allocation Advisory Committee, initially with five voting directors, chaired by Scott A. Tozier with Peter Thomas as vice chair and CEO Guillermo Novo as a non-voting member, to support capital allocation strategy. Ashland entered into a Cooperation Agreement with Ancora Holdings Group and an investor group that includes voting commitments, standstill and mutual non-disparagement provisions for a defined standstill period tied to upcoming annual meeting cycles, plus a replacement-director right if the investor group maintains at least 1.5% beneficial ownership.
Ashland Inc. reported third‑quarter fiscal 2026 sales of $497 million, up seven percent from $463 million a year earlier, with volumes rising six percent across all business units. Net income was $16 million, versus a loss of $742 million, and income from continuing operations was $41 million, or $0.89 per diluted share.
Adjusted EBITDA was $109 million with a 21.9 percent margin, down four percent from $113 million as Life Sciences and Personal Care growth was more than offset by lower Specialty Additives and Intermediates earnings and the lingering impact of earlier lower production rates and inflationary cost pressures. Cash from operations reached $121 million, ongoing Free Cash Flow was $103 million, and net leverage stood at 2.4x.
The company reaffirmed full‑year fiscal 2026 sales guidance of $1,835–$1,870 million and Adjusted EBITDA guidance of $385–$400 million, while trimming its adjusted EPS growth outlook to low‑to‑mid single‑digit growth due to a higher tax rate from unfavorable discrete items.
Franklin Resources, Inc. and its affiliates report beneficial ownership of Ashland Inc. common stock. They collectively report beneficial ownership of 3,616,479 shares of Ashland common stock, representing 7.9% of the outstanding class.
The shares are held for clients of Franklin’s investment management subsidiaries. Franklin Mutual Advisers, LLC reports sole voting power over 3,395,610 shares and sole dispositive power over 3,611,236 shares, with smaller amounts held by other listed affiliates. Franklin Resources, Inc., Charles B. Johnson, Rupert H. Johnson, Jr., and the investment subsidiaries may be deemed beneficial owners under Rule 13d-3 but each disclaims pecuniary interest and beneficial ownership.
Franklin notes an internal realignment as of the quarter ended March 31, 2026, under which Franklin Mutual Advisers and Brandywine Global Investment Management ceased reporting separately and are now aggregated into Franklin Resources’ beneficial ownership reporting. The clients of the investment management subsidiaries retain the right to receive dividends and sale proceeds.
BlackRock, Inc. filed Amendment No. 19 to a Schedule 13G/A reporting beneficial ownership of 5,643,843 shares of Ashland Inc. common stock, representing 12.3% of the class. The filing shows BlackRock's sole voting power on 5,534,110 shares and sole dispositive power on 5,643,843 shares. The filing describes holdings as held by certain Reporting Business Units of BlackRock and notes various persons have rights to dividends or sale proceeds; no single other person exceeds 5% ownership.
Ashland Inc. director Sanat Chattopadhyay received a grant of 218 Common Stock Units as compensation. The units were awarded at a reference value of $65.89 per unit under Ashland's Deferred Compensation Plan for Non-Employee Directors, which is exempt under Rule 16b-3. Each unit is equivalent to one share of Ashland common stock and is generally payable in stock upon his separation from service as a director, subject to any deferral elections. Following this grant, he holds a total of 2,182 Common Stock Units under the plan, including units previously acquired in lieu of cash dividends.
Bishop Steven D reported acquisition or exercise transactions in this Form 4 filing.
Ashland Inc. director Steven D. Bishop received an award of 379 Common Stock Units on Ashland’s Deferred Compensation Plan for Non-Employee Directors. Each unit is equal to one share of Ashland common stock and was valued at $65.89 per unit. Following the grant, Bishop holds a total of 5,720 Common Stock Units, which will be paid out in common stock after his separation from service as a director, subject to any deferral elections. The balance also reflects additional units credited in lieu of cash dividends.
Ashland Inc. entered into a Second Amended and Restated Credit Agreement providing a new $500 million, five-year unsecured revolving credit facility, including a $125 million letter of credit sublimit, available to Ashland and its Swiss subsidiary.
The facility replaces a prior 2022 agreement and will be used for ongoing working capital and general corporate purposes. Initial interest is Term SOFR or EURIBOR plus 1.375%, or an alternate base rate plus 0.375%, with pricing and unused commitment fees later tied to Ashland’s consolidated net leverage ratio and interest coverage metrics.