Quaker Chemical (KWR) major holder maintains 21% stake, updates Citi and RBC share forward deals

Rhea-AI Filing Summary

Quaker Chemical Corporation’s major shareholder updates its 13D with new derivative financing and confirms a sizable stake. Gulf Hungary Holding Korlatolt Felelossegu Tarsasag and its subsidiary QH Hungary Holdings Limited report beneficial ownership of 3,640,129 shares of Quaker Chemical common stock, representing about 21.0% of the 17,340,035 shares outstanding as of October 27, 2025. QH Hungary directly owns 3,635,112 shares, while Gulf Hungary directly holds 5,017 shares held in escrow to secure indemnification obligations under a share purchase agreement.

On November 25, 2025, QH Hungary amended and restated existing prepaid variable share forward arrangements with Citibank and Royal Bank of Canada and entered into new supplemental confirmations with both banks. It paid Citibank $3,246,816 and delivered 45,000 shares, and paid RBC $2,164,547 and delivered 30,000 shares in connection with the amended contracts, while receiving $1,699,801 from Citibank and $1,133,241 from RBC for new contracts. These forward deals cover specified maximum share amounts, use price thresholds of $139.28 and $153.21 per share to determine ultimate share or cash delivery, and have settlement dates scheduled between November 29, 2027 and January 3, 2028. After these transactions, the reporting persons’ aggregate beneficial ownership percentage in Quaker Chemical remains unchanged at approximately 21.0%.

Insights

Equity ownership & derivatives specialist

Large KWR shareholder retools prepaid forwards with Citi and RBC while keeping a 21% stake.

The reporting group, led by Gulf Hungary and QH Hungary, continues to hold 3,640,129 shares of Quaker Chemical, or about 21.0% of the 17,340,035 shares outstanding as of October 27, 2025. QH Hungary directly owns 3,635,112 shares, with 5,017 shares held in escrow for Gulf Hungary. This filing mainly updates the structure and terms of derivative financing tied to that long-standing position rather than changing the overall ownership level.

On November 25, 2025, QH Hungary amended existing prepaid variable share forward contracts with Citibank and Royal Bank of Canada and entered into new supplemental confirmations. It paid Citibank $3,246,816 and delivered 45,000 shares, and paid RBC $2,164,547 and delivered 30,000 shares to restate certain contracts. In turn, it received $1,699,801 from Citibank and $1,133,241 from RBC under new transactions that are designed to extend settlement and raise financing while keeping upside participation in Quaker’s share price.

These forward structures reference maximum aggregate amounts of 192,200 shares and 128,133 shares under the amended contracts and 13,900 shares and 9,267 shares under the new ones, with settlements scheduled between November 29, 2027 and January 3, 2028. The number of shares (or cash equivalent) ultimately delivered will depend on the volume-weighted average price of Quaker shares relative to a floor of $139.28 and a cap of $153.21 per share. From an investor’s perspective, this signals continued use of structured equity financing by a large holder, with potential future share deliveries to the banks, but no immediate change in reported ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 39)

Quaker Chemical Corporation

(Name of Issuer)

Common Stock, par value $1.00

(Title of Class of Securities)

747316107

(CUSIP Number)

Gulf Hungary Holding Korlatolt
Felelossegu Tarsasag, 2 Furj Street, Attention: Judit Rozsa
Budapest, K5, 1124
36-20940-2900

QH Hungary Holdings Limited
BAH Center, 2 Furj Street, Attention: Judit Rozsa
Budapest, K5, 1124
36-20940-2900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 747316107

1

Name of reporting person

Gulf Hungary Holding Korlatolt Felelossegu Tarsasag

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HUNGARY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,017.00
8	Shared Voting Power 3,635,112.00
9	Sole Dispositive Power 5,017.00
10	Shared Dispositive Power 3,635,112.00

11

Aggregate amount beneficially owned by each reporting person

3,640,129.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) With respect to the numbers set forth in rows 7, 9 and 11 in the table above, these consist of 5,017 shares of Common Stock of the Issuer ("Shares") beneficially owned by Gulf Hungary Holding Korlatolt Felelossegu Tarsasag (a "Reporting Person" or "Gulf Hungary"), which are held in the name of Citibank N.A. pursuant to an Escrow Agreement (as defined in the Original Schedule 13D, as defined below) in order to secure the Reporting Person's indemnification obligations under the Share Purchase Agreement (as defined in the Original Schedule 13D). (2) With respect to the numbers set forth in rows 8, 10 and 11 in the table above, these consist of 3,635,112 Shares owned directly by Gulf Hungary's wholly-owned subsidiary QH Hungary Holdings Limited (also a "Reporting Person" or "QH Hungary"), of which: 2,100,000 Shares are pledged to and registered in the name of Citigroup Global Markets Inc., as custodian for the benefit of QH Hungary (in such capacity, the "Margin Loan Custodian") pursuant to a Pledge and Security Agreement (as defined in the Original Schedule 13D) to secure QH Hungary's obligations under a Margin Loan (as defined in the Original Schedule 13D); 1,137,630 Shares are pledged to Citibank N.A. ("Citibank") and held at Citigroup Global Markets Inc. (the "Citi PVF Custodian") pursuant to the Pledge and Security Agreement, dated as of May 19, 2020, between QH Hungary and Citibank, as secured party (the "Citi PVF Security Agreement") to secure QH Hungary's obligations under a Master Terms and Conditions for Prepaid Variable Share Forward Transactions, dated May 19, 2020 (the "Citi Master Confirmation"), between QH Hungary and Citibank, as amended and supplemented by (i) Supplemental Confirmation, dated May 19, 2020 and amended and restated on November 24, 2021, November 22, 2023 and May 22, 2025 (the "First Citi Supplemental Confirmation"), (ii) Supplemental Confirmation No. 2, dated May 26, 2020 and amended and restated on March 9, 2021, November 24, 2021, August 10, 2022, March 6, 2023, May 22, 2024 and November 22, 2024 (the "Second Citi Supplemental Confirmation"), (iii) Supplemental Confirmation No. 3, dated August 27, 2020 and amended and restated on August 10, 2022 and May 22, 2024 (the "Third Citi Supplemental Confirmation"), (iv) Supplemental Confirmation No. 4, dated March 9, 2021 and amended and restated on November 24, 2021 and March 6, 2023 (the "Fourth Citi Supplemental Confirmation"), (v) Supplemental Confirmation No. 5, dated March 9, 2021 and amended and restated on August 10, 2022 and May 22, 2024 (the "Fifth Citi Supplemental Confirmation"), (vi) Supplemental Confirmation No. 6 originally entered into with JPMorgan Chase Bank, National Association ("JPMorgan"), dated August 27, 2020 and amended and restated and novated to Citibank on August 10, 2022, and as further amended on May 22, 2024 (the "Sixth Citi Supplemental Confirmation"), (vii) Supplemental Confirmation No. 7 originally entered into with JPMorgan, dated March 9, 2021 and amended and restated and novated to Citibank on August 10, 2022 and as further amended on May 22, 204 (the "Seventh Citi Supplemental Confirmation"), (viii) Supplemental Confirmation No. 8, dated May 22, 2024 and amended and restated on November 25, 2025 (the "Eighth Citi Supplemental Confirmation"), (ix) Supplemental Confirmation No. 9, dated November 22, 2024 (the "Ninth Citi Supplemental Confirmation") and (x) Supplemental Confirmation No. 10, dated November 25, 2025 (the "Tenth Citi Supplemental Confirmation"), as further described in Item 6 below. 397,482 Shares are pledged to Royal Bank of Canada ("RBC") and held at RBC Capital Markets LLC (the "RBC PVF Custodian") pursuant to the Pledge and Security Agreement, dated as of May 26, 2020, between QH Hungary and RBC, as secured party (the "RBC PVF Security Agreement") to secure QH Hungary's obligations under a Master Terms and Conditions for Prepaid Variable Share Forward Transactions, dated May 26, 2020 (the "RBC Master Confirmation"), between QH Hungary and RBC, as amended and supplemented by (i) Supplemental Confirmation, dated May 26, 2020 and amended and restated on March 9, 2021, November 24, 2021, August 10, 2022, March 6, 2023, May 22, 2024 and November 22, 2024 (the "First RBC Supplemental Confirmation"), (ii) Supplemental Confirmation No. 2, dated March 9, 2021 and amended and restated on November 24, 2021 and March 6, 2023 (the "Second RBC Supplemental Confirmation"), (iii) Supplemental Confirmation No. 3, dated March 9, 2021 and amended and restated on August 10, 2022 and May 22, 2024 (the "Third RBC Supplemental Confirmation"), (iv) Supplemental Confirmation No. 4 originally entered into with JPMorgan, dated March 9, 2021 and amended and restated and novated to RBC on November 24, 2021, and further amended and restated on March 6, 2023 (the "Fourth RBC Supplemental Confirmation"), (v) Supplemental Confirmation No. 5, dated May 22, 2024 and amended and restated on November 25, 2025 (the "Fifth RBC Supplemental Confirmation"), (vi) Supplemental Confirmation No. 6, dated November 22, 2024 (the "Sixth RBC Supplemental Confirmation") and (vii) Supplemental Confirmation No. 7, dated November 25, 2025 (the "Seventh RBC Supplemental Confirmation"), as further described in Item 6 below. (3) With respect to the percentage set forth in row 13 in the table above, this is based upon 17,340,035 Shares of Common Stock outstanding as of October 27, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on October 30, 2025.

SCHEDULE 13D

CUSIP No. 747316107

1

Name of reporting person

QH Hungary Holdings Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HUNGARY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,635,112.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,635,112.00

11

Aggregate amount beneficially owned by each reporting person

3,635,112.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) With respect to the numbers set forth in rows 8, 10 and 11 in the table above, these consist of 3,635,112 Shares beneficially owned by QH Hungary, of which: 2,100,000 Shares are pledged to and registered in the name of the Margin Loan Custodian pursuant to a Pledge and Security Agreement to secure QH Hungary's obligations under a Margin Loan; 1,137,630 Shares are pledged to Citibank N.A. ("Citibank") and held at Citigroup Global Markets Inc. (the "Citi PVF Custodian") pursuant to the Pledge and Security Agreement, dated as of May 19, 2020, between QH Hungary and Citibank, as secured party (the "Citi PVF Security Agreement") to secure QH Hungary's obligations under a Master Terms and Conditions for Prepaid Variable Share Forward Transactions, dated May 19, 2020 (the "Citi Master Confirmation"), between QH Hungary and Citibank, as amended and supplemented by (i) Supplemental Confirmation, dated May 19, 2020 and amended and restated on November 24, 2021, November 22, 2023 and May 22, 2025 (the "First Citi Supplemental Confirmation"), (ii) Supplemental Confirmation No. 2, dated May 26, 2020 and amended and restated on March 9, 2021, November 24, 2021, August 10, 2022, March 6, 2023, May 22, 2024 and November 22, 2024 (the "Second Citi Supplemental Confirmation"), (iii) Supplemental Confirmation No. 3, dated August 27, 2020 and amended and restated on August 10, 2022 and May 22, 2024 (the "Third Citi Supplemental Confirmation"), (iv) Supplemental Confirmation No. 4, dated March 9, 2021 and amended and restated on November 24, 2021 and March 6, 2023 (the "Fourth Citi Supplemental Confirmation"), (v) Supplemental Confirmation No. 5, dated March 9, 2021 and amended and restated on August 10, 2022 and May 22, 2024 (the "Fifth Citi Supplemental Confirmation"), (vi) Supplemental Confirmation No. 6 originally entered into with JPMorgan Chase Bank, National Association ("JPMorgan"), dated August 27, 2020 and amended and restated and novated to Citibank on August 10, 2022 and as further amended on May 22, 2024 (the "Sixth Citi Supplemental Confirmation"), (vii) Supplemental Confirmation No. 7 originally entered into with JPMorgan, dated March 9, 2021 and amended and restated and novated to Citibank on August 10, 2022 and as further amended on May 22, 204 (the "Seventh Citi Supplemental Confirmation"), (viii) Supplemental Confirmation No. 8, dated May 22, 2024 and amended and restated on November 25, 2025 (the "Eighth Citi Supplemental Confirmation"), (ix) Supplemental Confirmation No. 9, dated November 22, 2024 (the "Ninth Citi Supplemental Confirmation") and (x) Supplemental Confirmation No. 10, dated November 25, 2025 (the "Tenth Citi Supplemental Confirmation"), as further described in Item 6 below. 397,482 Shares are pledged to Royal Bank of Canada ("RBC") and held at RBC Capital Markets LLC (the "RBC PVF Custodian") pursuant to the Pledge and Security Agreement, dated as of May 26, 2020, between QH Hungary and RBC, as secured party (the "RBC PVF Security Agreement") to secure QH Hungary's obligations under a Master Terms and Conditions for Prepaid Variable Share Forward Transactions, dated May 26, 2020 (the "RBC Master Confirmation"), between QH Hungary and RBC, as amended and supplemented by (i) Supplemental Confirmation, dated May 26, 2020 and amended and restated on March 9, 2021, November 24, 2021, August 10, 2022, March 6, 2023, May 22, 2024, and November 22, 2024 (the "First RBC Supplemental Confirmation"), (ii) Supplemental Confirmation No. 2, dated March 9, 2021 and amended and restated on November 24, 2021 and March 6, 2023 (the "Second RBC Supplemental Confirmation"), (iii) Supplemental Confirmation No. 3, dated March 9, 2021 and amended and restated on August 10, 2022 and May 22, 2024 (the "Third RBC Supplemental Confirmation"), (iv) Supplemental Confirmation No. 4 originally entered into with JPMorgan, dated March 9, 2021 and amended and restated and novated to RBC on November 24, 2021, and further amended and restated on March 6, 2023 (the "Fourth RBC Supplemental Confirmation"), (v) Supplemental Confirmation No. 5, dated May 22, 2024 and amended and restated on November 25, 2025 (the "Fifth RBC Supplemental Confirmation"), (vi) Supplemental Confirmation No. 6, dated November 22, 2024 (the "Sixth RBC Supplemental Confirmation") and (vii) Supplemental Confirmation No. 7, dated November 25, 2025 (the "Seventh RBC Supplemental Confirmation"), as further described in Item 6 below. (2) With respect to the percentage set forth in row 13 in the table above, this is based upon 17,340,035 Shares of Common Stock outstanding as of October 27, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on October 30, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $1.00
(b)	Name of Issuer: Quaker Chemical Corporation
(c)	Address of Issuer's Principal Executive Offices: ONE QUAKER PARK, 901 HECTOR STREET, CONSHOHOCKEN, PENNSYLVANIA , 19428.
Item 2.	Identity and Background
(a)	For (a) - (e), see Amendment No. 1 to Schedule 13D filed on April 13, 2020.
(f)	Not applicable.
Item 3.	Source and Amount of Funds or Other Consideration
	For Item 3, see Amendment No. 1 to Schedule 13D filed on April 13, 2020.
Item 4.	Purpose of Transaction
	Introductory Note This Amendment No. 39 to Schedule 13D (this "Amendment No. 39") amends and supplements the statement on Schedule 13D filed on August 9, 2019, as amended by Amendment No. 1 filed on April 13, 2020, Amendment No. 2 filed on May 21, 2020, Amendment No. 3 filed on May 28, 2020, Amendment No. 4 filed on August 31, 2020, Amendment No. 5 filed on March 11, 2021, Amendment No. 6 filed on May 26, 2022, Amendment No. 7 filed on July 13, 2022, Amendment No. 8 filed on July 18, 2022, Amendment No. 9 filed on July 21, 2022, Amendment No. 10 filed on July 26, 2022, Amendment No. 11 filed on July 29, 2022, Amendment No. 12 filed on August 3, 2022, Amendment No. 13 filed on August 8, 2022, Amendment No. 14 filed on August 11, 2022, Amendment No. 15 filed on August 12, 2022, Amendment No. 16 filed on March 8, 2023, Amendment No. 17 filed on November 27, 2023, Amendment No. 18 filed on May 24, 2024, Amendment No. 19 filed on November 26, 2024, Amendment No. 20 filed on November 27, 2024, Amendment No. 21 filed on December 4, 2024, Amendment No. 22 filed on December 9, 2024, Amendment No. 23 filed on December 12, 2024, Amendment No. 24 filed on December 17, 2024, Amendment No. 25 filed on December 20, 2024, Amendment No. 26 filed on December 26, 2024, Amendment No. 27 filed on December 27, 2024, Amendment No. 28 filed on January 2, 2025, Amendment No. 29 filed on January 7, 2025, Amendment No. 30 filed on January 10, 2025, Amendment No. 31 filed on January 15, 2025, Amendment No. 32 filed on January 21, 2025, Amendment No. 33 filed on January 24, 2025, Amendment No. 34 filed on January 29, 2025, Amendment No. 35 filed on February 3, 2025, Amendment No. 36 filed on February 6, 2025, Amendment No. 37 filed on February 11, 2025 and Amendment No. 38 filed on May 27, 2025 (together, the "Original Schedule 13D") with the Securities and Exchange Commission (the "SEC"). This Amendment No. 39 is being filed in relation to the following transactions all of which occurred on November 25, 2025: (i) QH Hungary and Citibank amending and restating the Eighth Citi Supplemental Confirmation (the "November 2025 A&R Citi Supplemental Confirmation"), (ii) QH Hungary and RBC amending and restating the Fifth RBC Supplemental Confirmation (the "November 2025 RBC A&R Supplemental Confirmation" and, together with the November 2025 A&R Citi Supplemental Confirmation, the "November 2025 A&R Supplemental Confirmations"), (iii) QH Hungary and Citibank entering into of the Tenth Citi Supplemental Confirmation and (iv) QH Hungary and RBC entering into the Seventh RBC Supplemental Confirmation (and together with the Tenth Citi Supplemental Confirmation, the "New Supplemental Confirmations"). In exchange for entering into the November 2025 A&R Citi Supplemental Confirmation, QH Hungary paid Citibank $3,246,816. Pursuant to the November 2025 A&R Citi Supplemental Confirmation, QH Hungary has the option to settle its obligations at the end of the applicable contract by delivering Shares to Citibank or the cash equivalent thereof, as described in more details in Item 6 below. In exchange for entering into the November 2025 A&R RBC Supplemental Confirmation, QH Hungary paid RBC $2,164,547. Pursuant to the November 2025 A&R RBC Supplemental Confirmation, QH Hungary has the option to settle its obligations at the end of the applicable contract by delivering Shares to RBC or the cash equivalent thereof, as described in more details in Item 6 below. In exchange for entering into the Tenth Citi Supplemental Confirmation, Citibank paid QH Hungary $1,699,801. Pursuant to the Tenth Citi Supplemental Confirmation, QH Hungary has the option to settle its obligations at the end of the applicable contract by delivering Shares to Citibank or the cash equivalent thereof, as described in more details in Item 6 below. In exchange for entering into the Seventh RBC Supplemental Confirmation, RBC paid QH Hungary $1,133,241. Pursuant to the Seventh RBC Supplemental Confirmation, QH Hungary has the option to settle its obligations at the end of the applicable contract by delivering Shares to RBC or the cash equivalent thereof, as described in more details in Item 6 below. After consummation of the transaction described above, QH Hungary remained the direct beneficial owner, of a total of 3,635,112 Shares and Gulf Hungary remained the indirect beneficial owner of the same 3,635,112 Shares. Gulf Hungary continues to be the direct beneficial owner of a separate 5,017 Shares. All 3,635,112 Shares directly owned by QH Hungary remain subject to the Shareholder Agreement (as defined in the Original Schedule 13D) to which QH Hungary also became a party by executing a joinder thereto. This Amendment No. 39 is filed jointly by the Reporting Persons. All disclosure for items contained in the Original Schedule 13D is incorporated herein by reference, subject to being amended by the additional information provided for such item in this Amendment No. 39. Capitalized terms used and not defined herein shall have the meanings given to such terms in the Original Schedule 13D. Item 4 of the Original Schedule 13D is hereby amended to add the following: This Amendment No. 39 relates to the November 2025 A&R Supplemental Confirmations and the New Supplemental Confirmations, the purpose of which is to facilitate the transactions contemplated thereby. These transactions were designed for QH Hungary to extend the settlement date in the case of the November 2025 A&R Supplemental Confirmations and, in the case of the New Supplemental Confirmations, raise financing while maintaining an opportunity to share in the Issuer's future growth. These transactions are described in further detail in Item 6 of this Amendment No. 39.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Original Schedule 13D is hereby amended and restated as follows: (a) - (b) The information contained on the cover pages to this Amendment No. 39 is incorporated herein by reference. The Shares reported on this Amendment No. 39 are held by the Reporting Persons. QH Hungary is a wholly-owned subsidiary of Gulf Hungary, which is owned by Gulf Houghton, which is a subsidiary of Gulf Oil International. Gulf Oil International is owned by Amas Holding SPF ("Amas Holding"), a private wealth holding company, which in turn is beneficially owned by multiple members of the Hinduja family, with no single individual having a beneficial interest in Amas Holding of 5% or more. Based upon 17,340,035 Shares of Common Stock outstanding as of October 27, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on October 30, 2025, the Shares owned by the Reporting Persons constitutes approximately 21.0% of the issued and outstanding Common Stock of the Issuer. Except for the Shares owned by the Reporting Persons, none of the Reporting Persons or, to the knowledge of the Reporting Persons, any of the other persons listed in Item 2(a)-(c) hereto beneficially owns any other securities of the Issuer.
(b)	See above.
(c)	Except as described in Item 3, Item 4 and Item 6, neither the Reporting Persons nor, to the knowledge of the Reporting Persons, any person listed in Item 2(a)-(c), have effected any transactions in the Common Stock during the past 60 days.
(d)	Except as described in Item 3, Item 4 and Item 6, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities covered by this Amendment No. 39.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Original Schedule 13D is hereby amended to add the following: The information contained in Item 3 and 4 of the Original Schedule 13D, as amended by this Amendment No. 39, is hereby incorporated by reference herein. On November 25, 2025, QH Hungary entered into the November 2025 A&R Supplemental Confirmations and the New Supplemental Confirmations. The November 2025 A&R Supplemental Confirmations The Eighth Citi Supplemental Confirmation was reduced to, and covers a maximum aggregate amount of 192,200 Shares divided into 25 components of 7,688 Shares each. In exchange for amending and restating the Eighth Citi Supplemental Confirmation, QH Hungary paid Citibank $3,246,816 and delivered 45,000 Shares to Citibank. The Fifth RBC Supplemental Confirmation was reduced to, and covers a maximum aggregate amount of 128,133 Shares divided into 17 components of 5,125 Shares each for a total 87,125 Shares and 8 components of 5,126 Shares each for a total of 41,008 Shares. In exchange for amending and restating the Fifth RBC Supplemental Confirmation, QH Hungary paid RBC $2,164,547 and delivered 30,000 Shares to RBC. With respect to each of the November 2025 A&R Supplemental Confirmations, for each component, QH Hungary is obligated to deliver on the settlement date for such component determined based on the specified scheduled valuation date within the period from November 29, 2027 to January 3, 2028 either, at QH Hungary's option, (i) up to the maximum number of Shares of such component (such maximum number of Shares with respect to each component (the "Subject Number") based on the average market price of the Shares determined as described in the next paragraph or (ii) an amount of cash equivalent to the value of the Shares to be delivered in the preceding clause (i). The number of Shares (or, at QH Hungary's option, the cash equivalent) to be delivered to the applicable bank on each settlement date of a component under the respective November 2025 A&R Supplemental Confirmation is to be determined as follows: (a) if the volume-weighted average price per Share on the relevant valuation date, as reasonably determined by the applicable bank in accordance with the applicable VPF (the "Settlement Price") is equal to or less than $139.28 per Share (for purposes of this paragraph only, the "Forward Floor Price"), QH Hungary will deliver to the applicable bank the Subject Number of Shares; (b) if the Settlement Price is between the Forward Floor Price and $153.21 per Share (for purposes of this paragraph only, the "Forward Cap Price"), QH Hungary will deliver to the applicable bank a number of Shares equal to the Subject Number multiplied by a fraction, the numerator of which is the Forward Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Forward Cap Price, QH Hungary will deliver to the applicable bank a number of Shares equal to the product of (i) the Subject Number and (ii) a fraction (A) the numerator of which is the sum of (x) the Forward Floor Price and (y) the Settlement Price minus the Forward Cap Price, and (B) the denominator of which is the Settlement Price. The New Supplemental Confirmations The Tenth Citi Supplemental Confirmation covers a maximum aggregate amount of 13,900 Shares divided into 25 components of 556 Shares each. In exchange for entering into Tenth Citi Supplemental Confirmation, Citibank paid QH Hungary $1,699,801. The Seventh RBC Supplemental Confirmation covers a maximum aggregate amount of 9,267 Shares divided into 17 components of 371 Shares each for a total of 6,307 Shares and 8 components of 370 Shares each for a total of 2,960 Shares. In exchange for entering into the Seventh RBC Supplemental Confirmation, RBC paid QH Hungary $1,133,241. With respect to each of the New Supplemental Confirmations, for each component thereof, QH Hungary is obligated to deliver on the settlement date for such component determined based on the specified scheduled valuation date within the period from November 29, 2027 to January 3, 2028 either, at QH Hungary's option, (i) a number Shares up to Subject Number based on the average market price of the Shares determined as described in the next paragraph or (ii) an amount of cash equivalent to the value of the Shares to be delivered in the preceding clause (i). The number of Shares (or, at QH Hungary's option, the cash equivalent) to be delivered to the applicable bank on each settlement date of a component under the respective New Supplemental Confirmation is to be determined as follows: (a) if Settlement Price is equal to or less than $139.28 per share (for purposes of this paragraph only, the "Forward Floor Price"), QH Hungary will deliver to the applicable bank the Subject Number of Shares; (b) if the Settlement Price is between the Forward Floor Price and $153.21 per share (for purposes of this paragraph only, the "Forward Cap Price"), QH Hungary will deliver to the applicable bank a number of Shares equal to the Subject Number multiplied by a fraction, the numerator of which is the Forward Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Forward Cap Price, QH Hungary will deliver to the applicable bank a number of Shares equal to the product of (i) the Subject Number and (ii) a fraction (A) the numerator of which is the sum of (x) the Forward Floor Price and (y) the Settlement Price minus the Forward Cap Price, and (B) the denominator of which is the Settlement Price.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Amended and Restated Supplemental Confirmation No. 8, dated November 25, 2025, by and among QH Hungary Holdings Limited and Citibank, N.A. Exhibit 99.2 Amended and Restated Supplemental Confirmation No. 5, dated November 25, 2025, by and among QH Hungary Holdings Limited and Royal Bank of Canada. Exhibit 99.3 Supplemental Confirmation No. 10, dated November 25, 2025, by and among QH Hungary Holdings Limited and Citibank, N.A. Exhibit 99.4 Supplemental Confirmation No. 7, dated November 25, 2025, by and among QH Hungary Holdings Limited and Royal Bank of Canada.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gulf Hungary Holding Korlatolt Felelossegu Tarsasag

Signature:	/s/ Michael Kelleher
Name/Title:	Michael Kelleher, Managing Director
Date:	11/28/2025

Signature:	/s/ Judit Rozsa
Name/Title:	Judit Rozsa, Managing Director
Date:	11/28/2025

QH Hungary Holdings Limited

Signature:	/s/ Michael Kelleher
Name/Title:	Michael Kelleher, Managing Director
Date:	11/28/2025

Signature:	/s/ Judit Rozsa
Name/Title:	Judit Rozsa, Managing Director
Date:	11/28/2025

FAQ

What percentage of Quaker Chemical (KWR) does Gulf Hungary currently own?

The reporting persons, Gulf Hungary and QH Hungary, report beneficial ownership of 3,640,129 shares of Quaker Chemical common stock, which represents approximately 21.0% of the 17,340,035 shares outstanding as of October 27, 2025.

How many Quaker Chemical (KWR) shares are directly and indirectly owned by the reporting entities?

QH Hungary directly owns 3,635,112 Quaker Chemical shares, while Gulf Hungary directly owns 5,017 shares held in escrow. Gulf Hungary is also the indirect beneficial owner of QH Hungary’s 3,635,112 shares, bringing the total beneficial ownership to 3,640,129 shares.

What derivative and pledge arrangements do Gulf Hungary and QH Hungary have on KWR shares?

Of the 3,635,112 shares held by QH Hungary, 2,100,000 are pledged under a margin loan, 1,137,630 are pledged to Citibank under prepaid variable share forward agreements, and 397,482 are pledged to Royal Bank of Canada under similar prepaid variable share forward transactions.

What new or amended contracts did QH Hungary enter into regarding Quaker Chemical (KWR) on November 25, 2025?

On November 25, 2025, QH Hungary entered into amended and restated supplemental confirmations with Citibank and RBC and also signed new supplemental confirmations with both banks. These arrangements adjust prepaid variable share forward terms tied to specified maximum share amounts and extend settlement dates while providing additional financing.

How much cash changed hands between QH Hungary and Citibank and RBC in the November 2025 KWR transactions?

QH Hungary paid $3,246,816 and delivered 45,000 shares to Citibank, and paid $2,164,547 and delivered 30,000 shares to RBC for amended contracts. In return, QH Hungary received $1,699,801 from Citibank and $1,133,241 from RBC under new supplemental confirmations.

When will the prepaid variable forward contracts on Quaker Chemical (KWR) settle and how is the share delivery calculated?

The contracts have component settlement dates based on valuation dates between November 29, 2027 and January 3, 2028. For each component, QH Hungary will deliver either shares up to a defined Subject Number or the cash equivalent, with the share amount determined by the volume-weighted average price relative to a floor of $139.28 and a cap of $153.21 per share.