Group 1: Company Overview - NewMarket Corporation (NEU) is a leading parent company in the specialty chemicals sector, particularly serving aerospace and defense applications through its subsidiaries [2] - As of October 7th, NEU's share was trading at $857.11, with a trailing P/E of 16.57 [1][2] Group 2: Key Assets and Strategic Position - A significant asset is American Pacific Corporation (AMPAC), acquired in January 2024, which is one of only two Department of Defense (DoD)-approved suppliers of ammonium perchlorate (AP1), essential for solid rocket propellants [2][3] - AMPAC's position as a certified supplier provides a strategic moat, having historically been the sole domestic provider of AP1, underscoring its critical importance to national defense and space programs [3] Group 3: Investment and Growth Potential - In June 2025, NewMarket announced a $100 million investment to expand AMPAC's AP1 production capacity, with a new production line expected to be completed in 2026, reflecting management's confidence in robust demand [4] - The expansion positions AMPAC to strengthen its market leadership and meet rising demand, enhancing NewMarket's exposure to high-margin, mission-critical chemical products [5] Group 4: Market Position and Hedge Fund Interest - NewMarket Corporation is not among the 30 Most Popular Stocks Among Hedge Funds, with 22 hedge fund portfolios holding NEU at the end of the second quarter, up from 19 in the previous quarter [7] - While NEU shows potential as an investment, certain AI stocks are noted to offer greater upside potential and less downside risk [7]

Core Points - NewMarket Corporation (NYSE: NEU) is set to release its third quarter 2025 earnings on October 30, 2025 [1] - The earnings announcement will be available on the company's website the following day [1] - A conference call and webcast to discuss the financial results is scheduled for 3:00 pm ET on October 31, 2025 [1] - The conference call can be accessed live by dialing 1-877-545-0 [1]

Group 1 - NewMarket Corporation (NYSE:NEU) has finalized a deal to acquire Mars TopCo, LLC from AE Industrial Partners, enhancing its position in the specialty chemicals sector [1][2] - The acquisition will allow NewMarket to expand its footprint in the aerospace and defense industries, particularly in mission-critical chemicals [2] - This agreement is expected to finalize in 2025 and marks NewMarket's second recent acquisition in the aerospace and defense sectors [2] Group 2 - NewMarket Corporation is a significant player in the petroleum additives market, supplying essential components for hydraulic fluids, engine oils, and biofuels across various sectors [3]

Group 1 - NewMarket Corporation has completed the acquisition of Mars TopCo, LLC, which is the parent company of Calca Solutions, LLC [1] - Calca Solutions is recognized as the leading producer of UltraPure and high-purity hydrazine in the United States [1] - The hydrazine produced by Calca is essential for advanced aerospace and defense applications, indicating its critical role in the industry [1]

Financial Performance - NewMarket Corporation (NYSE: NEU) has a solid financial position and outperforms peers in profitability metrics [1] - The company is a consistent dividend payer, which may justify its stock trading at a premium compared to peers [1] Investment Strategy - The investment strategy involves a top-down view of the global economy combined with a bottom-up analysis of individual companies [1] - The approach starts with identifying strong economies and favorable currencies using macro data and statistical tools, followed by sector selection likely to perform well [1] - The focus then shifts to quality companies with solid momentum and consistent results [1]

Financial Performance - NewMarket Corporation (NYSE: NEU) has a solid financial position and outperforms peers in profitability metrics [1] - The company is a consistent dividend payer, which may justify its stock trading at a premium compared to peers [1] Investment Strategy - The investment strategy involves a top-down view of the global economy combined with a bottom-up analysis of individual companies [1] - The approach starts with identifying strong economies and favorable currencies using macro data and statistical tools, followed by sector selection likely to perform well [1] - The focus then shifts to quality companies that exhibit solid momentum and consistent results [1]

For personal use only Investor presentation 27 August 2025 IMPROVING THE LIVES OF PEOPLE WITH NEURODEVELOPMENTAL DISABILITIES P aa g e� 1 1 Forward looking statements This presentation contains forward looking statements that involve risks and uncertainties . Although we believe that the expectations reflected in the forward looking statements are reasonable at this time, Neuren can give no assurance that these expectations will prove to be correct . Actual results could differ materially from those anticip ...

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $111 million or $11.84 per share, compared to $112 million or $11.63 per share for Q2 2024 [3] - Record net income for the first half of 2025 was $237 million or $25.11 per share, compared to $219 million or $22.87 per share for the same period in 2024 [3] - Petroleum additives sales for Q2 2025 were $654 million, down from $670 million in Q2 2024 [3][4] - Operating profit for petroleum additives in Q2 2025 was $140 million, compared to $148 million in Q2 2024 [4] Business Line Data and Key Metrics Changes - Petroleum additives segment sales for the first half of 2025 were $1.3 billion, essentially flat compared to the same period in 2024 [4] - Operating profit for the petroleum additives segment for the first half of 2025 was $282 million, down from $299 million in 2024 [4] - Specialty Materials sales for Q2 2025 were $42 million, up from $38 million in Q2 2024, with operating profit increasing to $11 million from $5 million [6] - Specialty Materials segment sales for the first half of 2025 were $96 million, compared to $55 million in the same period in 2024, with operating profit rising to $34 million from slightly above breakeven [7] Market Data and Key Metrics Changes - Shipments in the petroleum additives segment were down by 4.9% when comparing Q2 2025 with the same period in 2024 [5] - The company reported solid cash flows throughout 2025, allowing for $129 million returned to shareholders through share repurchases and dividends [7] Company Strategy and Development Direction - The company is committed to investing in technology to meet customer needs, optimizing inventory levels, and improving portfolio profitability [5] - The company views AMPAC as a strategic national asset and is investing in additional capacity to meet growing customer needs [7] - The company aims to promote long-term value for shareholders and customers while focusing on long-term objectives [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the petroleum additives and specialty materials segments [8] - The company remains challenged by ongoing inflationary pressures and the impact of tariffs [5] - Management emphasized a long-term perspective, safety-first culture, customer-focused solutions, and technology-driven products as guiding principles [8] Other Important Information - As of June 30, 2025, the net debt to EBITDA ratio improved to 1.0 from 1.2 in 2024 [8] Q&A Session Summary - No specific questions or answers were documented in the provided content.

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited financial statements and management's analysis for the recent reporting period [Financial Statements (unaudited)](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for the second quarter and six months ended June 30, 2025, and 2024, including detailed notes [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the company's revenues, expenses, and net income for the specified periods Consolidated Income Statement Highlights (in millions, except per-share amounts) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $698.5 | $710.2 | $1,399.5 | $1,407.0 | | **Gross Profit** | $221.0 | $218.5 | $457.0 | $434.8 | | **Operating Profit** | $143.2 | $147.0 | $303.0 | $287.8 | | **Net Income** | $111.2 | $111.6 | $237.2 | $219.4 | | **EPS (basic and diluted)** | $11.84 | $11.63 | $25.11 | $22.87 | | **Cash Dividends per Share** | $2.75 | $2.50 | $5.50 | $5.00 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section details the company's assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,067.8 | $1,029.6 | | **Total Assets** | $3,194.5 | $3,129.5 | | **Total Current Liabilities** | $402.1 | $374.5 | | **Long-term Debt** | $841.8 | $971.3 | | **Total Liabilities** | $1,582.8 | $1,668.0 | | **Total Shareholders' Equity** | $1,611.7 | $1,461.6 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines the company's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Cash Flow Highlights (in millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Cash from Operating Activities** | $281.4 | $217.8 | | **Cash from Investing Activities** | $(29.3) | $(710.0) | | **Cash from Financing Activities** | $(264.2) | $470.5 | | **Decrease in Cash** | $(7.2) | $(24.3) | | **Cash at End of Period** | $70.3 | $87.6 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed financial statements - On January 16, 2024, the company acquired American Pacific Corporation (AMPAC) for approximately **$697 million**, funded by cash and borrowings, expanding its presence in mission-critical specialty materials for space launch and military defense[22](index=22&type=chunk) - The company operates through two reportable segments: Petroleum Additives and Specialty Materials, with Petroleum Additives being the primary revenue driver and Specialty Materials significantly expanded by the AMPAC acquisition[37](index=37&type=chunk) - Total long-term debt decreased to **$841.8 million** as of June 30, 2025, from **$971.3 million** at December 31, 2024, following principal payments on senior notes and a term loan[62](index=62&type=chunk)[131](index=131&type=chunk) - Total accruals for environmental remediation, dismantling, and decontamination were approximately **$11 million** at both June 30, 2025, and December 31, 2024[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an analysis of financial results for the first six months of 2025 compared to 2024, highlighting segment performance, financial position, and liquidity [Results of Operations](index=20&type=section&id=Results%20of%20Operations) This section analyzes the company's operational performance, including segment sales and profitability Net Sales by Segment (in millions) | Segment | H1 2025 | H1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Petroleum Additives | $1,299.4 | $1,347.1 | $(47.7) | -3.5% | | Specialty Materials | $95.8 | $55.1 | $40.7 | +73.9% | | **Total Net Sales** | **$1,399.5** | **$1,407.0** | **$(7.5)** | **-0.5%** | Segment Operating Profit (in millions) | Segment | H1 2025 | H1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Petroleum Additives | $281.9 | $298.7 | $(16.8) | -5.6% | | Specialty Materials | $33.7 | $0.0 | $33.7 | N/A | - Petroleum additives shipments decreased by **4.9%** in the first six months of 2025 compared to the same period in 2024, primarily due to lower lubricant additives shipments in Asia Pacific and North America[98](index=98&type=chunk)[100](index=100&type=chunk) - The effective tax rate increased to **23.9%** for the first six months of 2025 from **21.9%** in the prior-year period, primarily driven by income from foreign operations[118](index=118&type=chunk) [Cash Flows, Financial Condition, and Liquidity](index=23&type=section&id=Cash%20Flows%2C%20Financial%20Condition%2C%20and%20Liquidity) This section discusses the company's cash generation, financial position, and ability to meet its short-term and long-term obligations - Cash provided from operating activities was **$281.4 million** for the first six months of 2025[124](index=124&type=chunk) - Capital spending for 2025 is expected to be between **$70 million and $100 million**, including a significant investment to expand AMPAC's production capacity by over **50%**[127](index=127&type=chunk)[128](index=128&type=chunk) - In the first six months of 2025, the company used cash for **$77.2 million** in stock repurchases, **$51.9 million** in dividends, and **$130 million** in net debt repayments[130](index=130&type=chunk) - The company was in compliance with all debt covenants, with a Leverage Ratio of **1.13** at June 30, 2025, well below the maximum of **3.75**[133](index=133&type=chunk)[134](index=134&type=chunk) [Outlook](index=24&type=section&id=Outlook) This section provides management's forward-looking statements regarding future performance and strategic priorities - The company's long-term goal is to provide a **10%** compounded annual return for shareholders, defined as EPS growth plus dividend yield[138](index=138&type=chunk) - Management expects the petroleum additives market to grow **1-2%** annually over the long term and plans for its segment to exceed that growth rate[139](index=139&type=chunk) - The primary focus for future acquisitions remains within the petroleum additives industry, though other value-enhancing opportunities like the AMPAC acquisition will be considered[144](index=144&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risk profile since the disclosures made in its 2024 Annual Report on Form 10-K - At June 30, 2025, there were no material changes in market risk from the information provided in the 2024 Annual Report[145](index=145&type=chunk) [Controls and Procedures](index=25&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Based on an evaluation conducted by management, including the CEO and CFO, the company's disclosure controls and procedures were concluded to be effective as of June 30, 2025 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the period[146](index=146&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers various non-financial disclosures, including legal proceedings, equity sales, and exhibits [Legal Proceedings](index=26&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports that there have been no material changes to its legal proceedings as disclosed in the 2024 Annual Report - There have been no material changes to legal proceedings as disclosed in the 2024 Annual Report[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its share repurchase activity under a **$500 million** authorization effective January 1, 2025, including shares repurchased in Q2 2025 - A share repurchase program authorizing up to **$500 million** was approved by the Board, effective from January 1, 2025, to December 31, 2027[149](index=149&type=chunk) Share Repurchases in Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining for Purchase | | :--- | :--- | :--- | :--- | | **Total Q2** | 36,812 | $537.66 | $428.2 million | [Other Information](index=26&type=section&id=ITEM%205.%20Other%20Information) The company confirms that no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the second quarter of 2025 - During the quarter ended June 30, 2025, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement[153](index=153&type=chunk) [Exhibits](index=26&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including corporate governance documents and certifications by the CEO and CFO - The report includes certifications from the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002, as well as Inline XBRL data files[154](index=154&type=chunk)

[NewMarket Corporation Q2 & H1 2025 Earnings Report](index=1&type=section&id=NewMarket%20Corporation%20Reports%20Second%20Quarter%20and%20First%20Half%202025%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Record H1 2025 net income was driven by strong performance, offsetting a slight decline in Q2 net income | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $111.2M | $111.6M | $237.2M | $219.4M | | **EPS (diluted)** | $11.84 | $11.63 | $25.11 | $22.87 | - The first half of 2025 marked a record for **Net Income ($237 million)** and **Earnings per Share ($25.11)**[9](index=9&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) The Petroleum Additives segment's profit declined on lower volumes, while the Specialty Materials segment saw significant profit growth [Petroleum Additives](index=1&type=section&id=Petroleum%20Additives) Operating profit declined due to lower shipment volumes and higher technology investments | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $653.9M | $669.8M | $1.3B | $1.3B | | **Operating Profit** | $139.8M | $147.8M | $281.9M | $298.7M | - The decline in operating profit was driven by a **decrease in shipments** and an **increase in technology investments**[4](index=4&type=chunk) - Shipment volumes **decreased by 2.5% in Q2 YoY** and **4.9% in H1 YoY**, with declines across lubricant and fuel additives[4](index=4&type=chunk)[5](index=5&type=chunk) [Specialty Materials](index=1&type=section&id=Specialty%20Materials) Operating profit surged, driven by increased volumes and the inclusion of results from the AMPAC acquisition | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $42.0M | $38.0M | $95.8M | $55.1M | | **Operating Profit** | $10.5M | $5.0M | $33.7M | ~$0M | - The increase in operating profit was primarily driven by **increased volumes**[6](index=6&type=chunk) - H1 2024 results only reflect performance since the **acquisition of American Pacific Corporation (AMPAC)** on January 16, 2024[7](index=7&type=chunk) [Cash Flow and Capital Management](index=1&type=section&id=Cash%20Flow%20and%20Capital%20Management) Strong cash flow funded significant shareholder returns and debt reduction, improving the leverage ratio H1 2025 Cash Flow and Capital Allocation | Activity | Amount | | :--- | :--- | | **Common Stock Repurchases** | $77.2M | | **Dividends Paid** | $51.9M | | **Capital Expenditures** | $29.3M | | **Net Debt Reduction** | $122.2M | - The company's **Net Debt to EBITDA ratio improved**, decreasing to 1.0 as of June 30, 2025[8](index=8&type=chunk) [Management Commentary and Outlook](index=2&type=section&id=Management%20Commentary%20and%20Outlook) Management noted strong H1 performance and will focus on efficiency and profitability while monitoring macroeconomic uncertainties - The company is pleased with **strong H1 2025 performance** and favorable results from efficiency initiatives[10](index=10&type=chunk) - Priorities for the remainder of 2025 include investing in technology, enhancing operational efficiency, and improving portfolio profitability[10](index=10&type=chunk) - The company is actively monitoring the uncertain macroeconomic environment, particularly changes in international trade relations and tariffs[11](index=11&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) [Segment Results and Other Financial Information](index=4&type=section&id=NEWMARKET%20CORPORATION%20AND%20SUBSIDIARIES%20SEGMENT%20RESULTS%20AND%20OTHER%20FINANCIAL%20INFORMATION) This section details net sales and operating profit by segment, reconciling to consolidated pre-tax income Segment Results (in thousands) | | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | | | | | | Petroleum additives | $653,875 | $669,826 | $1,299,429 | $1,347,090 | | Specialty materials | $42,037 | $38,010 | $95,758 | $55,057 | | **Total Net Sales** | **$698,509** | **$710,228** | **$1,399,455** | **$1,406,964** | | **Segment Operating Profit** | | | | | | Petroleum additives | $139,835 | $147,819 | $281,942 | $298,728 | | Specialty materials | $10,547 | $4,972 | $33,734 | $5 | | **Total Segment Operating Profit** | **$149,211** | **$151,417** | **$314,024** | **$297,278** | [Consolidated Statements of Income](index=5&type=section&id=NEWMARKET%20CORPORATION%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) H1 2025 net income and gross profit grew despite lower sales, alongside an increase in dividends per share Consolidated Income Statement Highlights (in thousands, except per-share amounts) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net sales** | $1,399,455 | $1,406,964 | | **Gross profit** | $456,977 | $434,820 | | **Operating profit** | $303,021 | $287,752 | | **Net income** | $237,193 | $219,352 | | **Earnings per share** | $25.11 | $22.87 | | **Cash dividends per share** | $5.50 | $5.00 | [Consolidated Balance Sheets](index=