Ecovyst (ECVT) reshapes portfolio, cuts net leverage to 1.2x in 2025

Rhea-AI Filing Summary

Ecovyst Inc. reported a transformative 2025 marked by a major divestiture, deleveraging and steady underlying earnings. The company sold its Advanced Materials & Catalysts segment to Technip Energies for $556 million, then used $465 million of proceeds to repay its Term Loan, cutting total debt to $397.1 million and reducing its net debt leverage ratio to 1.2x at year-end.

From continuing operations, 2025 sales rose to $723.5 million from $598.3 million, driven by higher sulfur pass-through, stronger pricing for regenerated sulfuric acid and increased virgin sulfuric acid volume, including the Waggaman, Louisiana acquisition. Adjusted EBITDA was broadly flat at $172.0 million versus $172.7 million, as higher volumes and prices were offset by inflationary, maintenance and transport costs.

GAAP net income from continuing operations fell to $6.3 million from $45.5 million, while total net loss was $71.1 million, reflecting discontinued operations and tax effects. Ecovyst generated $118.1 million of operating cash flow from continuing operations and ended 2025 with $197.2 million in cash and total liquidity of $264.8 million. The company repurchased 5.75 million shares for $47.4 million and removed the expiration date on its $450 million repurchase authorization.

For 2026, Ecovyst targets sales of $860–$940 million (excluding sulfur pass-through uplift at the midpoint), Adjusted EBITDA of $175–$195 million, Adjusted Free Cash Flow of $35–$55 million, capital expenditures of $80–$90 million and Adjusted Net Income of $55–$75 million, supported by expected strong refinery utilization and mining-driven demand for virgin sulfuric acid.

Positive

• Major deleveraging and stronger balance sheet: Total debt fell to $397.1 million and net debt leverage declined to 1.2x, after applying $465 million of divestiture proceeds to repay the Term Loan, while liquidity increased to $264.8 million.
• Revenue growth with stable Adjusted EBITDA: 2025 sales from continuing operations rose to $723.5 million from $598.3 million, and Adjusted EBITDA held essentially flat at $172.0 million, indicating the business absorbed higher costs while expanding top-line scale.

Negative

• Sharp decline in GAAP profitability: Net income from continuing operations dropped to $6.3 million from $45.5 million, and total net loss reached $71.1 million, reflecting weaker reported earnings despite stable Adjusted EBITDA.
• Margin pressure and higher operating costs: Despite higher pricing and volumes, Adjusted EBITDA margin from continuing operations declined to 23.8% from 28.9%, as manufacturing, maintenance and transportation cost increases offset commercial gains.

Insights

Equity analyst

Portfolio reshaping and debt reduction offset flat core earnings in 2025.

Ecovyst used the $556 million Advanced Materials & Catalysts sale to reset its balance sheet. Net debt dropped to $199.9 million and the net debt leverage ratio fell to 1.2x from 4.3x, while liquidity reached $264.8 million. This materially increases financial flexibility for capital projects and buybacks.

Operationally, sales from continuing operations grew to $723.5 million, but Adjusted EBITDA was nearly unchanged at $172.0 million, as higher sulfur pass-through, pricing and volume were offset by inflation, maintenance and transport costs. GAAP earnings from continuing operations declined to $6.3 million, highlighting heavier non-cash and below-the-line items.

The 2026 outlook calls for sales of $860–$940 million and Adjusted EBITDA of $175–$195 million, implying mid-single-digit growth at the midpoint. Delivery depends on sustained strong refinery utilization, mining-related sulfuric acid demand and execution of $80–$90 million in capital spending, with progress visible in future quarterly results.

0001708035false00017080352026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

Ecovyst Inc.

Commission File Number: 001-38221

Delaware

81-3406833

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

600 Lee Road, Suite 200

Wayne, Pennsylvania

19087

(Address of principal executive offices)

(Zip Code)

(484)

617-1200

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

ECVT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02						Results of Operations and Financial Condition.
On February 26, 2026, Ecovyst Inc. issued a press release announcing the reporting of its financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
									The information in this Current Report on Form 8-K (including the exhibit attached hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K (including the exhibit attached hereto) shall not be deemed incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01						Financial Statements and Exhibits.
(d)			Exhibits
Exhibit No.						Description
99.1						Press release issued by Ecovyst Inc. announcing financial results for the quarter and year ended December 31, 2025
104						The cover page from this Current Report on Form 8-K of Ecovyst Inc., formatted in Inline XBRL and included as Exhibit 101

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

February 26, 2026

Ecovyst Inc.

By:

/s/ MICHAEL FEEHAN

Name:

Michael Feehan

Title:

Vice President and Chief Financial Officer

Exhibit 99.1

Ecovyst Reports Fourth Quarter and
Full Year 2025 Results

WAYNE, PA, February 26, 2026 -- Ecovyst Inc. (NYSE: ECVT) (“Ecovyst” or the “Company”), a leading integrated provider of virgin and regenerated sulfuric acid products and services, today reported results for the fourth quarter and full year ended December 31, 2025.

The financial results of the divested Advanced Materials & Catalysts business are reported in discontinued operations in the financial statements for all periods presented.

Fourth Quarter 2025 Results & Highlights from Continuing Operations

•Completed sale of Advanced Materials & Catalysts segment to Technip Energies N.V. for a sale price of $556 million.

•Sales of $199.4 million, compared to $148.9 million in the fourth quarter of 2024

•Net income of $9.2 million compared to $23.8 million in the fourth quarter of 2024, with a net income margin of 4.6% and with diluted net income per share of $0.08

•Adjusted Net Income of $32.4 million, compared to $18.4 million in the fourth quarter of 2024, with Adjusted Diluted Income per share of $0.28

•Adjusted EBITDA of $51.3 million, up 7.5% compared to $47.7 million in the fourth quarter of 2024, with an Adjusted EBITDA margin of 25.7%

•Repurchased $20.0 million of common stock

•Utilized $465 million of net proceeds from the Advanced Materials & Catalysts divestiture to pay down Term Loan. Net debt leverage ratio at year end was 1.2x

Full Year 2025 Results & Highlights from Continuing Operations

•Sales of $723.5 million, compared to $598.3 million in 2024

•Net income of $6.3 million. Net income margin of 0.9%, with diluted net income per share of $0.05

•Adjusted Net Income of $45.7 million, with Adjusted Diluted Income per share of $0.39

•Adjusted EBITDA of $172.0 million, with an Adjusted EBITDA margin of 23.8%

•Net cash from operations of $118.1 million, Adjusted Free Cash Flow of $78.1 million

•Repurchased 5,752,285 shares of common stock for $47.4 million

•Acquired Waggaman, Louisiana sulfuric acid production assets for total price of $41 million

“Ecovyst’s actions and results for the fourth quarter of 2025 reflect continued progress in implementing our strategic initiatives, while delivering full-year 2025 Adjusted EBITDA above our guidance,” said Kurt J. Bitting, Ecovyst’s Chief Executive Officer. “2025 represented a transformational year for Ecovyst. In May, we acquired the Waggaman, Louisiana sulfuric acid production assets in a transaction that enhances our Gulf Coast network and provides capacity for future growth. At year-end we completed the divestiture of the Advanced Materials & Catalysts segment for a sales price of approximately $556 million, a key milestone in our ongoing portfolio transformation. We used $465 million of the proceeds of this divestiture to pay down our Term Loan, resulting in a Net Debt Leverage ratio of 1.2x at year-end. Ecovyst also prioritized a return of capital to stockholders with $47 million of share repurchases during 2025.”

“In 2026, we expect high refinery utilization and positive alkylate economics to continue to support our regeneration services business, with anticipated year-over-year growth in volume, and we expect increased sales of virgin sulfuric acid, in part due to continued expected growth in mining demand,” said Bitting. “Our focus in 2026 will remain on positioning Ecovyst for profitable long-term growth and delivering value for our stockholders. We enter the year with a strong balance sheet, substantial liquidity and a favorable historic cash generation profile that we believe provides for significant flexibility as we deploy incremental growth capital in 2026 on attractive projects that will translate into enhanced capability to service our customers. At the same time, we plan to continue pursuing compelling inorganic growth opportunities and the return of capital to our stockholders through an active share repurchase program.”

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 1

Review of Business Results from Continuing Operations

Fourth quarter 2025 sales were $199.4 million, compared to $148.9 million in the fourth quarter of 2024. The increase in sales reflects higher sales volume for virgin sulfuric acid, including the contribution from the acquired Waggaman location, and favorable contractual pricing for regenerated sulfuric acid, partially offset by lower sales volume for regenerated sulfuric acid associated with unplanned and extended customer downtime. In addition, the pass-through effect of higher sulfur costs on sales was $28 million. Fourth quarter 2025 Adjusted EBITDA was $51.3 million, compared to $47.7 million in the fourth quarter of 2024. The increase reflects the favorable volume and pricing at the sales level, partially offset by higher manufacturing costs, including incremental costs of the acquired Waggaman assets.

For the year, sales were $723.5 million, compared to $598.3 million in 2024. The increase in sales reflects higher average selling prices driven by the pass-through effect of higher sulfur costs of approximately $77 million and favorable contract pricing for regenerated sulfuric acid, and higher sales volume. The sales volume increase was a result of higher sales of virgin sulfuric acid, including the contribution from the acquired Waggaman location, partially offset by lower regenerated sulfuric acid driven by unplanned and extended customer down-time and maintenance turnaround activity at our facilities. Adjusted EBITDA was $172.0 million, compared to $172.7 million in 2024, with the favorable volume and price impact at the sales level largely offset by higher manufacturing costs associated with general inflation, and higher maintenance and transportation costs.

Cash Flows and Balance Sheet

Cash flows from operating activities for continuing operations was $118.1 million for the year ended December 31, 2025, compared to $103.8 million for the year ended December 31, 2024. At December 31, 2025, the Company had cash and cash equivalents of $197.2 million, total gross debt of $397.1 million and availability under the ABL facility of $67.6 million, after giving effect to $3.2 million of outstanding letters of credit and no outstanding borrowings under the facility, for total available liquidity of $264.8 million. As of December 31, 2025, the net debt to net income ratio was 31.7x, and the net debt leverage ratio was 1.2x.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 2

2026 Financial Outlook

For 2026 we currently anticipate demand fundamentals to remain positive for both our regeneration services business and for sales of virgin sulfuric acid. We expect that high refinery utilization, favorable alkylate economics and lower customer downtime, compared to 2025, will contribute to increased sales for regenerated sulfuric acid. For sales of virgin sulfuric acid, although we remain cautious about the near-term outlook for global macroeconomic activity and the potential for weakness in some industrial applications for virgin sulfuric acid and sales of oleum grades used in the production of nylon precursors. However, we expect strong demand in mining applications to contribute to year-over-year growth in sales for virgin sulfuric acid.

The Company’s guidance for full year 2026 is as follows:

▪Sales of $860 million to $940 million1, up 7% from 2025 at the mid-point of the range, excluding the projected pass-through effect of higher sulfur costs

▪Adjusted EBITDA2 of $175 million to $195 million, up 8% from 2025 at the mid-point of the range

▪Adjusted Free Cash Flow2 of $35 million to $55 million

▪Capital expenditures of $80 million to $90 million

▪Interest expense of $18 million to $22 million

▪Depreciation & Amortization of $78 million to $82 million

▪Effective tax rate in the mid 20% range

▪Adjusted Net Income2 of $55 million to $75 million, with Adjusted Diluted Income2 per share of $0.45 to $0.65

1Sales outlook for 2026 assumes higher average sulfur prices compared to 2025 and higher projected pass-through of sulfur costs of approximately $125 million.

2In reliance upon the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not able to provide a reconciliation of its non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation such as certain non-cash, nonrecurring or other items that are included in net income and net cash provided by operating activities as well as the related tax impacts of these items and asset dispositions / acquisitions that are included in cash flow, due to the uncertainty and variability of the nature and amount of these future charges and costs. Because this information is uncertain, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 3

Stock Repurchase

In April 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $450 million of the Company’s outstanding common stock over the next four years. In October 2025, the Company’s Board of Directors approved the removal of the expiration date of the stock repurchase program. As of December 31, 2025, $182.2 million was available for share repurchases under the program.

During the quarter ended December 31, 2025, the Company repurchased 2,215,921 shares of its common stock on the open market at an average price of $9.03 per share, for a total cost of $20.0 million, excluding brokerage commissions and accrued excise tax. During the year ended December 31, 2025, the Company repurchased 5,752,285 shares of its common stock on the open market at an average price of $8.24 per share, for a total cost of $47.4 million, excluding brokerage commissions and accrued excise tax.

For possible future repurchases, the actual timing, number, and nature of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions and may be conducted through negotiated transactions, open market repurchases or other means, including through Rule 10b-18 and Rule 10b5-1 trading plans or accelerated stock repurchases. The repurchase program does not obligate the Company to acquire any number of shares in any specific period, or at all, and the repurchase program may be amended, suspended or discontinued at any time at the Company’s discretion.

Conference Call and Webcast Details

On Thursday, February 26, 2026, Ecovyst management will review the fourth quarter results during a conference call and audio-only webcast scheduled for 11:00 a.m. Eastern Time.

Conference Call: Investors may listen to the conference call live via telephone by dialing 1 (800) 245-3047 (domestic) or

1 (203) 518-9765 (international) and use the participant code ECVTQ425.

Webcast: An audio-only live webcast of the conference call and presentation materials can be accessed at https://investor.ecovyst.com. A replay of the conference call/webcast will be made available at https://investor.ecovyst.com/events-presentations.

Investor Contact:

Gene Shiels

(484) 617-1225    

gene.shiels@ecovyst.com

About Ecovyst Inc.

Ecovyst Inc. and subsidiaries is a leading provider of virgin and regenerated sulfuric acid products and services. We believe that our products and services contribute to improving the sustainability of the environment.

We are a leading provider of sulfuric acid recycling to the North American refining industry for the production of alkylate, an essential gasoline component for lowering vapor pressure and increasing octane to meet stringent gasoline specifications and fuel efficiency standards. We are also a leading North American producer of high quality and high strength virgin sulfuric acid for industrial and mining applications. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry.

For more information, see our website at https://www.ecovyst.com.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 4

Presentation of Non-GAAP Financial Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP financial measures — Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Income per share, Net Debt to Net Income Ratio and Net Debt Leverage Ratio (collectively, “Non-GAAP Financial Measures”) — which present results on a basis adjusted for certain items. The Company uses these Non-GAAP Financial Measures for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that these Non-GAAP Financial Measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These Non-GAAP Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with GAAP. The use of the Non-GAAP Financial Measures terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These Non-GAAP Financial Measures are reconciled from the respective measures under GAAP in the attached appendix.

Note on Forward-Looking Statements

Some of the information contained in this press release constitutes “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Examples of forward-looking statements include, but are not limited to, statements regarding our future results of operations, financial condition, capital expenditure projects, liquidity, prospects, growth, strategies, capital allocation program (including the stock repurchase program), product and service offerings, expected demand trends and our 2026 financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing any undue reliance on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, including the enactment, schedule and impact of tariffs and trade disputes, currency exchange rates, adverse effects from the U.S. government shutdown, the effects of inflation and other factors, including those described in the sections titled “Risk Factors” and “Management’s Discussion & Analysis of Financial Condition and Results of Operations” in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 5

ECOVYST INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in millions, except share and per share amounts)

						Three months ended December 31,												%						Years ended December 31,												%
						2025						2024						Change						2025						2024						Change
Sales						$	199.4					$	148.9					33.9		%				$	723.5					$	598.3					20.9		%
Cost of goods sold						152.6						105.9						44.1		%				565.4						434.9						30.0		%
Gross profit						46.8						43.0						8.8		%				158.1						163.4						(3.2)		%
Selling, general and administrative expenses						16.2						15.6						3.8		%				66.0						65.4						0.9		%
Other operating expense, net						8.8						5.0						76.0		%				27.2						12.9						110.9		%
Operating income						21.8						22.4						(2.7)		%				64.9						85.1						(23.7)		%
Interest expense, net						8.8						8.7						1.1		%				34.2						36.5						(6.3)		%
Debt modification and extinguishment costs						4.6						—						NM						5.5						4.6						19.6		%
Other income, net						(0.3)						(1.8)						(83.3)		%				(0.6)						(1.2)						(50.0)		%
Income from continuing operations before income taxes						8.7						15.5						(43.9)		%				25.8						45.2						(42.9)		%
(Benefit) provision for income taxes						(0.5)						(8.3)						(94.0)		%				19.5						(0.3)						(6600.0)		%
Effective tax rate						(5.7)		%				(53.5)		%										75.6		%				(0.7)		%
Net income from continuing operations						9.2						23.8						(61.3)		%				6.3						45.5						(86.2)		%
Net loss from discontinued operations, net of tax						(3.4)						(54.3)						(93.7)		%				(77.4)						(52.2)						48.3		%
Net income (loss)						$	5.8					$	(30.5)					(119.0)		%				$	(71.1)					$	(6.7)					961.2		%
Earnings per share:
Basic income per share—continuing operations						$	0.08					$	0.20											$	0.05					$	0.39
Diluted income per share—continuing operations						$	0.08					$	0.20											$	0.05					$	0.39
Basic income (loss) per share—discontinued operations						$	(0.03)					$	(0.47)											$	(0.67)					$	(0.45)
Diluted income (loss) per share—discontinued operations						$	(0.03)					$	(0.46)											$	(0.67)					$	(0.44)
Basic income (loss) per share						$	0.05					$	(0.26)											$	(0.62)					$	(0.06)
Diluted income (loss) per share						$	0.05					$	(0.26)											$	(0.61)					$	(0.06)
Weighted average shares outstanding:
Basic						113,357,158						116,518,933												115,291,879						116,719,437
Diluted						114,454,479						117,515,453												115,957,562						117,447,438

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 6

ECOVYST INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share amounts)

			December 31,
			2025						2024
ASSETS
Cash and cash equivalents			$	197.2					$	131.4
Accounts receivable, net			85.3						53.2
Inventories, net			26.8						18.0
Derivative assets			1.3						6.5
Prepaid and other current assets			8.8						10.9
Current assets held for sale			—						83.7
Total current assets			319.4						303.7
Property, plant and equipment, net			481.2						458.7
Goodwill			326.7						326.6
Other intangible assets, net			59.3						67.7
Right-of-use lease assets			37.9						33.1
Other long-term assets			36.5						37.3
Long-term assets held for sale			—						575.2
Total assets			$	1,261.0					$	1,802.3
LIABILITIES
Current maturities of long-term debt			$	—					$	8.7
Accounts payable			48.0						32.9
Operating lease liabilities—current			9.5						9.1
Accrued liabilities			63.3						39.8
Current liabilities held for sale			—						24.6
Total current liabilities			120.8						115.1
Long-term debt, excluding current portion			392.6						852.1
Deferred income taxes			113.3						105.4
Operating lease liabilities—noncurrent			28.7						23.9
Other long-term liabilities			2.1						3.1
Long-term liabilities held for sale			—						2.2
Total liabilities			657.5						1,101.8
Commitments and contingencies
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 140,872,846 and 140,872,846 on December 31, 2025 and 2024, respectively; outstanding shares 111,805,102 and 116,534,803 on December 31, 2025 and 2024, respectively			1.4						1.4
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2025 and 2024, respectively			—						—
Additional paid-in capital			1,108.5						1,106.8
Accumulated deficit			(248.6)						(177.5)
Treasury stock, at cost; shares 29,067,744 and 24,338,043 on December 31, 2025 and 2024, respectively			(261.1)						(222.8)
Accumulated other comprehensive income (loss)			3.3						(7.4)
Total equity			603.5						700.5
Total liabilities and equity			$	1,261.0					$	1,802.3

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 7

ECOVYST INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

						Years ended December 31,
						2025						2024
Cash flows from operating activities:						(in millions)
Net income						$	(71.1)					$	(6.7)
Net income (loss) from discontinued operations						77.4						52.2
Net income from continuing operations						6.3						45.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation						67.8						59.9
Amortization						10.8						10.7
Amortization of deferred financing costs and original issue discount						1.2						1.4
Debt extinguishment costs						4.6						0.1
Deferred income tax benefit						32.2						(5.0)
Net loss on asset disposals						5.4						2.3
Stock compensation						9.7						11.1
Other, net						(5.3)						(13.1)
Working capital changes that provided (used) cash:
Receivables						(22.1)						6.2
Inventories						(5.6)						(4.5)
Prepaids and other current assets						(1.0)						2.8
Accounts payable						15.5						1.2
Accrued liabilities						(1.4)						(14.8)
Net cash provided by operating activities, continuing operations						118.1						103.8
Net cash provided by operating activities, discontinued operations						22.2						46.1
Net cash provided by operating activities						140.3						149.9
Cash flows from investing activities:
Purchases of property, plant and equipment						(70.4)						(55.6)
Proceeds from business divestitures, net of cash transferred						568.4						—
Business combinations						(41.5)						—
Net cash provided by (used in) investing activities, continuing operations						456.5						(55.6)
Net cash used in investing activities, discontinued operations						(21.1)						(17.9)
Net cash provided by (used in) investing activities						435.4						(73.5)

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 8

						Years ended December 31,
						2025						2024
Cash flows from financing activities:
Issuance of long-term debt, net of original issue discount and financing fees						870.8						870.8
Repayments of long-term debt						(1,344.5)						(879.7)
Repurchases of common shares						(46.9)						(5.0)
Tax withholdings on equity award vesting						(1.5)						(1.2)
Other, net						0.4						0.2
Net cash used in financing activities, continuing operations						(521.7)						(14.9)
Net cash used in financing activities, discontinued operations						(3.3)						(3.0)
Net cash used in financing activities						(525.0)						(17.9)
Effect of exchange rate changes on cash and cash equivalents						0.5						(0.9)
Net change in cash and cash equivalents						51.2						57.6
Cash and cash equivalents at beginning of period						146.0						88.4
Cash and cash equivalents at end of period						197.2						146.0
Less: cash and cash equivalents of discontinued operations						—						(14.6)
Cash and cash equivalents at end of period of continuing operations						$	197.2					$	131.4

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 9

Appendix Table A-1: Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing Operations

						Three months ended December 31,																		Years ended December 31,
						2025						2024						% Change						2025						2024						% Change
						(in millions)																		(in millions)
Reconciliation of net income from continuing operations to Adjusted EBITDA from continuing operations
Net income from continuing operations						$	9.2					$	23.8											$	6.3					$	45.5
(Benefit) provision for income taxes						(0.5)						(8.3)												19.5						(0.3)
Interest expense, net						8.8						8.7												34.2						36.5
Depreciation and amortization						20.7						18.0												78.6						70.5
EBITDA						38.2						42.2												138.6						152.2
Debt modification and extinguishment costs						4.6						—												5.5						4.6
Net loss on asset disposals(a)						1.4						1.4												5.4						2.3
Transaction and other related costs(b)						0.6						0.3												3.4						0.4
Equity-based and other non-cash compensation						2.1						2.8												9.7						11.1
Restructuring, integration and business optimization expenses(c)						1.8						—												4.7						0.3
Other(d)						2.6						1.0												4.7						1.8
Adjusted EBITDA from continuing operations						$	51.3					$	47.7					7.5		%				172.0						172.7						(0.4)		%
Sales						199.4						148.9						33.9		%				723.5						598.3						20.9		%
Adjusted EBITDA from continuing operations margin						25.7		%				32.0		%										23.8		%				28.9		%

Descriptions to Ecovyst Non-GAAP Reconciliations

(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, including debt financing, due diligence and other costs related to transactions that are completed, pending or abandoned, that we believe are not representative of our ongoing business operations.

(c)Includes the impact of restructuring, integration and business optimization expenses, which are incremental costs that are not representative of our ongoing business operations.

(d)Other consists of adjustments for items that are not core to our ongoing business operations. These adjustments include environmental remediation and other legal costs, expenses for capital and franchise taxes, and defined benefit pension and postretirement plan (benefits) costs, for which our obligations are under plans that are frozen.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 10

Appendix Table A-2: Reconciliation of Net Income from Continuing Operations and EPS to Adjusted Net Income and Adjusted EPS(1)(2)

			Three months ended December 31,
			2025																		2024
			Pre-tax			Tax expense (benefit)			After-tax			Per share, basic			Per share, diluted						Pre-tax			Tax expense (benefit)			After-tax			Per share, basic			Per share, diluted
			(in millions, except share and per share amounts)
Net income from continuing operations			$	8.7		$	(0.5)		$	9.2		$	0.08		$	0.08					$	15.5		$	(8.3)		$	23.8		$	0.20		$	0.20
Debt modification and extinguishment costs			4.6			1.1			3.5			0.03			0.03						—			—			—			—			—
Net loss on asset disposals(a)			1.4			0.3			1.1			0.01			0.01						1.4			0.4			1.0			0.01			0.01
Transaction and other related costs(b)			0.6			0.1			0.5			—			—						0.3			0.1			0.2			—			—
Equity-based compensation			2.1			0.5			1.6			0.02			0.01						2.8			0.8			2.0			0.02			0.02
Restructuring, integration and business optimization expenses(c)			1.8			0.4			1.4			0.01			0.01						—			—			—			—			—
Other(d)			2.6			0.7			1.9			0.02			0.02						1.0			0.2			0.8			0.01			0.01
Adjusted Net Income, including impact of valuation allowance increase and changes in uncertain tax positions			21.8			2.6			19.2			0.17			0.16						21.0			(6.8)			27.8			0.24			0.24
Impact of valuation allowance increase(3)			—			(13.3)			13.3			0.12			0.12						—			—			—			—			—
Changes in uncertain tax positions release(4)			—			0.1			(0.1)			—			—						—			9.4			(9.4)			(0.08)			(0.08)
Adjusted Net Income(1)			$	21.8		$	(10.6)		$	32.4		$	0.29		$	0.28					$	21.0		$	2.6		$	18.4		$	0.16		$	0.16
Weighted average shares outstanding												113,357,158			114,454,479															116,518,933			117,515,453

			Years ended December 31,
			2025																		2024
			Pre-tax			Tax expense (benefit)			After-tax			Per share, basic			Per share, diluted						Pre-tax			Tax expense (benefit)			After-tax			Per share, basic			Per share, diluted
			(in millions, except share and per share amounts)
Net income from continuing operations			$	25.8		$	19.5		$	6.3		$	0.05		$	0.05					$	45.2		$	(0.3)		$	45.5		$	0.39		$	0.39
Debt modification and extinguishment costs			5.5			1.4			4.1			0.04			0.04						4.6			1.2			3.4			0.03			0.03
Net loss on asset disposals(a)			5.4			1.3			4.1			0.04			0.04						2.3			0.6			1.7			0.01			0.01
Transaction and other related costs(b)			3.4			0.9			2.5			0.02			0.02						0.4			0.1			0.3			—			—
Equity-based compensation			9.7			1.3			8.4			0.07			0.07						11.1			2.4			8.7			0.07			0.07
Restructuring, integration and business optimization expenses(c)			4.7			1.2			3.5			0.03			0.03						0.3			0.1			0.2			—			—
Other(d)			4.7			1.1			3.6			0.03			0.03						1.8			0.5			1.3			0.02			0.02
Adjusted Net Income, including impact of valuation allowance increase and changes in uncertain tax positions			59.2			26.7			32.5			0.28			0.28						65.7			4.6			61.1			0.52			0.52
Impact of valuation allowance increase(3)			—			(13.3)			13.3			0.12			0.11						—			—			—			—			—
Changes in uncertain tax positions(4)			—			0.1			(0.1)			—			—						—			9.4			(9.4)			(0.08)			(0.08)
Adjusted Net Income(1)			$	59.2		$	13.5		$	45.7		$	0.40		$	0.39					$	65.7		$	14.0		$	51.7		$	0.44		$	0.44
Weighted average shares outstanding												115,291,879			115,957,562															116,719,437			117,447,438

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 11

(1)We define Adjusted Net Income as net income from continuing operations adjusted for non-operating income or expense and the impact of certain non-cash or other items that are included in net income from continuing operations that we do not consider indicative of our ongoing operating performance. Adjusted Net Income is presented as a key performance indicator as we believe it will enhance a prospective investor’s understanding of our results of operations and financial condition. Adjusted Net Income may not be comparable with net income from continuing operations or Adjusted Net Income as defined by other companies.

(2)See Appendix Table A-1 for Descriptions to Ecovyst Non-GAAP Reconciliations in the table above.

(3)Represents the tax impact of the state tax credit valuation allowance increase. Item is not expected to be recurring.

(4)Represents the tax impact of previously net unrecognized tax benefits, excluding interest and penalties, primarily due to the expiration of statutes of limitations.

The adjustments to net income from continuing operations are shown net of applicable tax rates of 24.8% and 25.3% for the years ended December 31, 2025 and 2024, respectively, except for equity-based compensation. The tax effect on equity-based compensation is derived by removing the tax effect of any equity-based compensation expense disallowed as a result of its inclusion within IRC Sec. 162(m) and adding the tax effect of equity-based compensation shortfall recorded as a discrete item.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 12

Appendix Table A-3: Adjusted Free Cash Flow

						Years ended December 31,
						2025						2024
Net cash provided by operating activities						$	140.3					$	149.9
Less:
Purchases of property, plant and equipment(1)						(91.5)						(69.0)
Free Cash Flow(2)						48.8						80.9
Adjustments to Free Cash Flow:
Cash paid for debt financing costs						1.0						4.6
Cash paid for costs related to the Waggaman acquisition						6.1						—
Cash paid for costs related to the segment disposal						17.6						—
Interest paid with debt prepayment						4.6						—
Adjusted Free Cash Flow(2)						$	78.1					$	85.5
Net cash provided by (used in) investing activities(3)						$	435.4					$	(73.5)
Net cash used in financing activities						$	(525.0)					$	(17.9)

(1)Includes purchases of property, plant and equipment reported in discontinued operations

(2)We define Adjusted Free Cash Flow as net cash provided by operating activities less purchases of property, plant and equipment, including purchases of property, plant and equipment reported in discontinued operations, adjusted for cash flows that are unusual in nature and/or infrequent in occurrence that neither relate to our core business nor reflect the liquidity of our underlying business. Historically these adjustments include proceeds from the sale of assets, net interest proceeds on swaps designated as net investment hedges, the cash paid for segment disposals and cash paid for debt financing costs included in cash from operating activities. Adjusted Free Cash Flow is a non-GAAP financial measure that we believe will enhance a prospective investor’s understanding of our ability to generate additional cash from operations, and is an important financial measure for use in evaluating our financial performance. Our presentation of Adjusted Free Cash Flow is not intended to replace, and should not be considered superior to, the presentation of our net cash provided by operating activities determined in accordance with GAAP. Additionally, our definition of Adjusted Free Cash Flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view Adjusted Free Cash Flow as a measure that provides supplemental information to our consolidated statements of cash flows. You should not consider Adjusted Free Cash Flow in isolation or as an alternative to the presentation of our financial results in accordance with GAAP. The presentation of Adjusted Free Cash Flow may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

(3)Net cash used in investing activities includes purchases of property, plant and equipment, which is also included in our computation of Adjusted Free Cash Flow.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 13

Appendix Table A-5: Net Debt Leverage Ratio

			December 31,
			2025						2024
			(in millions, except ratios)
Total debt			$	397.1					$	870.8
Less:
Cash and cash equivalents			197.2						131.4
Net debt			$	199.9					$	739.4
Net income from continuing operations			$	6.3					$	45.5
Adjusted EBITDA from continuing operations (1)			$	172.0					$	172.7
Net Debt to Net Income Ratio			31.7		x				16.3		x
Net Debt Leverage Ratio			1.2		x				4.3		x

(1)     Refer to Appendix Table A-1: Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA from Continuing Operations for the reconciliation to the most comparable GAAP financial measure.

Ecovyst Fourth Quarter and Year 2025 Earnings Release Page 14

FAQ

How did Ecovyst (ECVT) perform financially in full-year 2025?

Ecovyst generated $723.5 million in 2025 sales from continuing operations, up from $598.3 million in 2024, with Adjusted EBITDA essentially flat at $172.0 million. Net income from continuing operations declined to $6.3 million, while the company reported an overall net loss of $71.1 million.

What major portfolio changes did Ecovyst (ECVT) make in 2025?

Ecovyst completed the sale of its Advanced Materials & Catalysts segment to Technip Energies for a sale price of $556 million. The divested business is now reported in discontinued operations. The company used $465 million of net proceeds to pay down its Term Loan and significantly reduce leverage.

How strong is Ecovyst’s (ECVT) balance sheet after the 2025 divestiture?

At December 31, 2025, Ecovyst had $197.2 million in cash, total debt of $397.1 million and ABL availability of $67.6 million, for liquidity of $264.8 million. Net debt was $199.9 million, and the net debt leverage ratio improved to 1.2x from 4.3x a year earlier.

What were Ecovyst’s (ECVT) key 2025 cash flow and capital allocation actions?

Ecovyst generated $118.1 million in operating cash flow from continuing operations and $78.1 million of Adjusted Free Cash Flow. It repurchased 5,752,285 shares for $47.4 million and invested in capital expenditures, including the $41 million Waggaman, Louisiana sulfuric acid asset acquisition.

What is Ecovyst’s (ECVT) financial outlook for 2026?

For 2026, Ecovyst guides to sales of $860–$940 million, Adjusted EBITDA of $175–$195 million, and Adjusted Free Cash Flow of $35–$55 million. The company also expects capital expenditures of $80–$90 million, interest expense of $18–$22 million, and an effective tax rate in the mid-20% range.

How did Ecovyst’s (ECVT) 2025 fourth quarter results compare to 2024?

Fourth quarter 2025 sales from continuing operations were $199.4 million, up from $148.9 million. Adjusted EBITDA increased to $51.3 million from $47.7 million. However, net income from continuing operations declined to $9.2 million from $23.8 million, reflecting higher costs and other expenses.

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