UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38221 Ecovyst Inc. (State or other jurisdiction of incorporation or organization) 600 Lee Road, Suite 200 Wayne, Pennsylvania 19 ...

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was just under $56 million, exceeding the high end of guidance range [12] - Adjusted free cash flow was a use of $2 million compared to a use of $14 million in 2024, with guidance raised to $70 million to $80 million for the year [17][21] - Net debt leverage ratio rose to 3.5 times from 3.2 times at the end of the prior quarter, primarily due to the acquisition and share repurchases [18][19] Business Line Data and Key Metrics Changes - Ecoservices sales increased by 14% compared to 2024, driven by favorable pricing and the addition of the Wagaman site [5] - Eco Services sales were $176 million, up $22 million year-over-year, with adjusted EBITDA for Eco Services at $49.8 million, unchanged from 2024 [14][15] - Advanced Silicas sales decreased to $24 million from $29 million in the prior year, primarily due to lower custom catalyst sales [15][16] Market Data and Key Metrics Changes - Demand fundamentals for Eco Services remained stable, with high refinery utilization supporting regeneration services [7] - The outlook for virgin sulfuric acid demand remains positive, with expectations for stronger sales in the mining sector as expansion projects come online [7][26] - Sales in the Zeolyst joint venture were projected to be strong, with expectations for hydrocracking catalyst sales to surpass 2024 levels [9][21] Company Strategy and Development Direction - The company closed the acquisition of the sulfuric acid production assets of Cornerstone Chemical Company, with ongoing integration expected to yield meaningful synergies [6] - Focus on emerging technologies for growth opportunities, including advanced silicas for biocatalysis and carbon capture applications [8][26] - The company is taking an opportunistic approach to share repurchases while targeting a long-term leverage ratio of 2 to 2.5 times [19][49] Management's Comments on Operating Environment and Future Outlook - The operating environment remains challenging due to global production overcapacity and pricing pressures, but the company has demonstrated resilience [25] - Anticipated strong sales performance for hydrocracking catalysts in 2025, supported by a substantial order book [26] - The company expects stable demand fundamentals across most end uses for the remainder of the year, with some caution regarding polyethylene sales due to trade uncertainties [20][33] Other Important Information - The company repurchased 2.9 million shares of common stock for approximately $22 million during the quarter [6] - The Kansas City expansion project is expected to support growth in customer demand as expansion projects come online in 2026 and 2027 [8] - The strategic review of the Advanced Materials and Catalysts segment is ongoing, with updates expected in the near future [27] Q&A Session Summary Question: Initial indications from customers regarding new EPA guidelines for renewable fuel volume - Management is encouraged by the new requirements but noted it is still early as the guidelines are draft [30][32] Question: Outlook for polyethylene sales amid trade uncertainty - Management acknowledged global polyethylene utilization rates have been impacted but still expects year-over-year sales growth [33] Question: Update on synergies from the Cornerstone acquisition - Management believes the acquisition will provide additional opportunities and integration is progressing well [37][38] Question: Sensitivity of the business to proposed RVO changes - Management indicated that increased RVO will drive utilization and lead to more frequent catalyst changeouts, translating into growth [52] Question: Visibility on nylon and mining demand - Management expects year-over-year growth in virgin sulfuric acid sales, with strong momentum in mining due to new projects [54][56] Question: Timeline for Wagaman to contribute to free cash flow - Management does not expect significant free cash flow from Wagaman this year but anticipates positive contributions in 2026 [59] Question: Order timing implications for 2026 - Management expects order timing shifts will not materially impact 2026 [64]

Financial Performance - Q2 2025 - GAAP Sales reached $200 million[9] - Adjusted EBITDA was $56 million[9] - Adjusted EBITDA Margin was 24%, including a proportionate 50% share of sales from the Zeolyst Joint Venture of $28 million[9, 10] - Adjusted Free Cash Flow was negative $(2) million[9] - Net Debt Leverage Ratio was 35x[9] Segment Performance - Q2 2025 - Ecoservices sales increased by 144% due to favorable contractual pricing and pass-through of higher sulfur costs, reaching $176 million[7, 18] - Advanced Silicas sales decreased by 166% due to timing of sales for niche custom catalysts, amounting to $241 million[7, 20] - Zeolyst Joint Venture sales decreased slightly by 21% due to timing of sales for hydrocracking and custom catalysts, totaling $284 million[7, 20] Cash Flow and Capital Allocation - The company repurchased 29 million shares totaling approximately $22 million[7] - Available liquidity was $152 million, including $69 million in cash and cash equivalents and $83 million availability on the revolving ABL facility[9, 10] 2025 Outlook - Revised sales outlook is $795 million - $835 million[32] - Revised Adjusted EBITDA outlook is $242 million - $254 million[32] - Revised Adjusted Free Cash Flow outlook is $70 million - $80 million[32]

Exhibit 99.1 Ecovyst Reports Second Quarter 2025 Results WAYNE, PA, August 7, 2025 -- Ecovyst Inc. (NYSE: ECVT) ("Ecovyst" or the "Company"), a leading integrated and innovative global provider of advanced materials, specialty catalysts, virgin sulfuric acid and sulfuric acid regeneration services, today reported results for the second quarter ended June 30, 2025. Second Quarter 2025 Results & Highlights "We are pleased with our results for the second quarter of 2025. With demand fundamentals generally in l ...

WAYNE, Pa., July 24, 2025 /PRNewswire/ -- Ecovyst Inc. (NYSE: ECVT), a leading integrated and innovative global provider of advanced materials, specialty catalysts and services, announced today that it will conduct a conference call and audio-only webcast on Thursday, August 7, 2025 at 11:00 a.m. Eastern Time to review its second quarter 2025 financial results.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 ...

Company Overview - Ecovyst (ECVT) shares increased by 9.2% to close at $8.3, supported by high trading volume compared to normal sessions [1] - The stock had previously shown no significant movement over the past four weeks [1] Analyst Insights - A Citi analyst raised Ecovyst's price target from $7.50 to $10.00 while maintaining a Buy rating [2] - The analyst also revised EBITDA estimates for the second quarter of 2025 and full-year 2025, increasing them by 2% and 1% respectively [2] - The positive outlook is attributed to improved refinery utilization, stabilizing industrial production, and reduced tariff concerns [2] Earnings Expectations - Ecovyst is projected to report quarterly earnings of $0.12 per share, unchanged from the same quarter last year [3] - Expected revenues are $204.83 million, reflecting a 12.1% increase year-over-year [3] - The consensus EPS estimate has remained stable over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [4] Industry Context - Ecovyst operates within the Zacks Chemical - Specialty industry, which includes other companies like Daqo New Energy (DQ) [4] - Daqo's stock rose by 15.8% to $17.71, with a 12.8% return over the past month [4] - Daqo's consensus EPS estimate for the upcoming report is -$1.16, representing a 35.9% change compared to the previous year [5]

Core Insights - Ecovyst Inc. released its 2024 Sustainability Report, highlighting progress towards sustainability goals and key metrics related to greenhouse gas emissions, energy, water, and waste [1][2] - The company emphasizes its commitment to developing cleaner technologies and supporting sustainable industries through its products and services, including sulfuric acid and catalysts [2][4] - Ecovyst aims to achieve specific sustainability goals by 2025 and 2030, with a focus on maintaining a zero OSHA recordables injury rate [2] Company Overview - Ecovyst Inc. is a global provider of advanced materials, specialty catalysts, virgin sulfuric acid, and sulfuric acid regeneration services, contributing to environmental sustainability [3][4] - The company operates two specialty businesses: Ecoservices, which provides sulfuric acid recycling and chemical waste handling, and Advanced Materials & Catalysts, which focuses on silica catalysts and zeolites for sustainable applications [4]

Core Viewpoint - Ecovyst Inc. has successfully acquired the sulfuric acid production assets from Cornerstone Chemical Company, enhancing its capacity and supply reliability in the sulfuric acid market [1][2]. Company Overview - Ecovyst Inc. is a global provider of advanced materials, specialty catalysts, virgin sulfuric acid, and sulfuric acid regeneration services, with a focus on sustainability [3]. - The company operates through two main business segments: Ecoservices, which provides sulfuric acid recycling and high-quality virgin sulfuric acid, and Advanced Materials & Catalysts, which offers finished silica catalysts and specialty zeolites [4]. Acquisition Details - The acquisition of the Waggaman, Louisiana assets is expected to increase network flexibility and supply reliability, addressing future growth in demand for virgin sulfuric acid and regeneration services [2]. - The integration of Cornerstone's assets is anticipated to enhance Ecovyst's operational capabilities and customer service [2].

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q1 2025 report a net loss of $3.6 million, a decrease from $1.2 million net income in Q1 2024, driven by lower gross profit, with total assets at $1.79 billion and operating cash flow at $10.3 million [Condensed Consolidated Statements of (Loss) Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20(Loss)%20Income) Q1 2025 saw a net loss of $3.6 million ($0.03 per share) compared to $1.2 million net income in Q1 2024, primarily due to a decrease in gross profit from $39.2 million to $25.6 million Condensed Consolidated Statements of (Loss) Income (in thousands) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Sales** | $162,197 | $160,537 | | **Gross profit** | $25,615 | $39,223 | | **Operating (loss) income** | $(912) | $13,953 | | **Net (loss) income** | $(3,597) | $1,221 | | **Diluted (loss) income per share** | $(0.03) | $0.01 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets slightly decreased to $1.787 billion from $1.802 billion, with total liabilities at $1.088 billion and cash at $127.5 million Balance Sheet Highlights (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $291,963 | $303,714 | | **Total assets** | $1,786,922 | $1,802,321 | | **Total current liabilities** | $104,033 | $115,126 | | **Total liabilities** | $1,088,238 | $1,101,861 | | **Total equity** | $698,684 | $700,460 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash from operations significantly decreased to $10.3 million from $36.5 million, with net cash used in investing at $24.3 million, resulting in an $18.5 million net decrease in cash Cash Flow Summary (in thousands) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $10,256 | $36,503 | | **Net cash used in investing activities** | $(24,253) | $(17,372) | | **Net cash used in financing activities** | $(4,451) | $(4,183) | | **Net change in cash and cash equivalents** | $(18,535) | $14,771 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, revenue recognition, debt structure, and segment performance, highlighting the Zeolyst Joint Venture's growth, debt modification, and a pending asset acquisition - The company operates through two main segments: Ecoservices (sulfuric acid recycling and virgin sulfuric acid) and Advanced Materials & Catalysts (silica and zeolite catalysts)[25](index=25&type=chunk) Disaggregated Revenue by Segment (Q1 2025, in thousands) | Segment | Sales | | :--- | :--- | | Ecoservices | $143,109 | | Advanced Materials & Catalysts | $19,088 | | **Total** | **$162,197** | - In January 2025, the company amended its Term Loan Credit Agreement, reducing the applicable interest rate on SOFR term loans to Term SOFR plus **2.00%**, resulting in a **$960 thousand** debt modification cost[68](index=68&type=chunk)[69](index=69&type=chunk) - The Zeolyst Joint Venture, a 50% owned affiliate, showed significant growth, with sales increasing to **$89.5 million** in Q1 2025 from **$56.9 million** in Q1 2024[62](index=62&type=chunk) - Subsequent to the quarter end, the company entered an agreement to acquire sulfuric acid production assets for **$35 million**, expected to close in Q2 2025[117](index=117&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2025 sales growth to Ecoservices pricing, despite a 34.7% gross profit decline due to maintenance costs, with Adjusted EBITDA decreasing 14.5% to $38.9 million, while liquidity remains strong at $201.1 million [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2025 sales increased to $162.2 million, but gross profit fell by $13.6 million to $25.6 million, leading to an operating loss of $0.9 million, partially offset by $8.9 million in equity income Financial Performance Summary (in millions) | | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $162.2 | $160.5 | $1.7 | 1.1% | | **Gross Profit** | $25.6 | $39.2 | $(13.6) | (34.7)% | | **Operating (Loss) Income** | $(0.9) | $13.9 | $(14.8) | (106.5)% | | **Equity in net income** | $8.9 | $2.1 | $6.8 | 323.8% | | **Net (Loss) Income** | $(3.6) | $1.2 | $(4.8) | NM | - Ecoservices sales increased **1.1%** to **$143.1 million**, driven by higher average selling prices from the pass-through of higher sulfur costs, offset by lower sales volume due to maintenance turnarounds[147](index=147&type=chunk)[148](index=148&type=chunk) - Equity in net income from affiliated companies, primarily the Zeolyst Joint Venture, increased by **$6.8 million** due to higher sales volume of hydrocracking and specialty catalysts[146](index=146&type=chunk)[154](index=154&type=chunk) [Adjusted EBITDA](index=35&type=section&id=Adjusted%20EBITDA) Total Adjusted EBITDA decreased 14.5% to $38.9 million in Q1 2025, with Ecoservices' EBITDA falling 31.3% to $28.5 million, partially offset by a 57.7% increase in Advanced Materials & Catalysts' EBITDA to $17.5 million Adjusted EBITDA by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Ecoservices | $28.5 | $41.5 | $(13.0) | (31.3)% | | Advanced Materials & Catalysts | $17.5 | $11.1 | $6.4 | 57.7% | | Unallocated corporate expenses | $(7.1) | $(7.1) | $— | —% | | **Total** | **$38.9** | **$45.5** | **$(6.6)** | **(14.5)%** | - The decrease in Ecoservices' Adjusted EBITDA was driven by approximately **$8 million** in higher manufacturing costs from planned maintenance, **$3 million** from lower volume, and **$2 million** from unfavorable net pricing[164](index=164&type=chunk) - The increase in Advanced Materials & Catalysts' Adjusted EBITDA was primarily due to higher sales volume within the Zeolyst Joint Venture[165](index=165&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=38&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity for the next twelve months, with $201.1 million available as of March 31, 2025, and total debt at $868.6 million, while Q1 capital expenditures increased to $20.4 million - As of March 31, 2025, the company had total available liquidity of **$201.1 million**, with no borrowings under its ABL revolving credit facility[170](index=170&type=chunk) Debt Summary (in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total debt | $868.6 | $870.8 | | Less: Cash and cash equivalents | $127.5 | $146.0 | | **Net Debt** | **$741.1** | **$724.8** | - Capital expenditures increased to **$20.4 million** in Q1 2025 from **$14.4 million** in Q1 2024, driven by higher maintenance spending (**$16.6 million**) and growth projects (**$3.8 million**)[184](index=184&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the company's market risk exposures, which include foreign currency, interest rate, and credit risks, managed through non-speculative derivative instruments - There have been no material changes in the company's primary market risks, which include foreign currency exchange, interest rate, and credit risk[191](index=191&type=chunk) - The company utilizes financial instruments for hedging purposes only, not for speculation, to mitigate underlying economic exposures[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to a material weakness in accounting for the Zeolyst Joint Venture, with a remediation plan underway - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2025[193](index=193&type=chunk) - A material weakness related to the controls over the accounting of the Zeolyst Joint Venture, identified as of December 31, 2024, continues to exist[196](index=196&type=chunk) - The company is developing a remediation plan to design and implement appropriate controls to address the material weakness[197](index=197&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company believes no pending legal proceedings are likely to have a material adverse effect on its business - The company states that it does not believe any currently pending litigation will have a material adverse effect on its business[199](index=199&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred from the risk factors described in the Annual Report on Form 10-K - No material changes have occurred from the risk factors described in the Annual Report on Form 10-K[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock in Q1 2025, with $229.6 million remaining available under its repurchase program - No common stock was repurchased during Q1 2025[201](index=201&type=chunk) - As of March 31, 2025, **$229.6 million** was still available for share repurchases under the authorized program[201](index=201&type=chunk) [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during Q1 2025 - No directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement in Q1 2025[202](index=202&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments and CEO/CFO certifications

Group 1 - The conference call is for Ecovyst's first quarter 2025 earnings, featuring CEO Kurt Bitting and CFO Mike Feehan [2] - The call includes forward-looking information regarding the company's financial and operational performance, strategy, and demand trends for 2025 [3] - Non-GAAP financial measures will be reconciled with GAAP measures in the earnings release and presentation materials available on the company's website [4]