Summary of Ingevity's Conference Call Company Overview - **Company**: Ingevity - **Industry**: Specialty materials, specifically activated carbon and warm mix asphalt technology - **Market Capitalization**: $2.4 billion with approximately 36 million shares outstanding at a closing price of $65.69 [2] - **Net Debt**: $1.1 billion, leading to an enterprise value of $3.5 billion [2] Strategic Transformation - Ingevity is undergoing a significant transformation, simplifying its portfolio by divesting from its Industrial Specialties business and planning to sell its Advanced Polymer Technologies segment and Road Markings business [1][4] - The company expects to generate $1 billion of deployable cash over the next two years from its core business and divestment proceeds [1][5] Financial Performance - Post-divestiture, Ingevity anticipates approximately $1 billion in revenue and $335 million in EBITDA, resulting in a 37% EBITDA margin, which is considered best-in-class [5] - The company has reduced its leverage from nearly four times to over one turn in less than a year, indicating strong cash flow generation directed towards debt paydown [20] Core Business Segments Performance Materials - Revenue from Performance Materials is around $600 million with over 50% EBITDA margin [7] - The segment focuses on emissions solutions for internal combustion engine (ICE) and hybrid vehicles, contributing to significant gasoline savings of over 8 million gallons daily [8] - Market trends indicate a prolonged lifespan for ICE and hybrid vehicles, with regulatory tailwinds expected from regions like China and India adopting stricter emissions controls [9] Filtration Market - Ingevity is currently a leader in evaporative emissions but sees significant growth potential in the filtration market, which currently contributes less than 1% to EBITDA despite accounting for 20% of activated carbon volume sold [12][13] - The company aims to enhance its value proposition in water filtration, pharmaceuticals, and food and beverage sectors [13][14] Pavement Technologies - This segment generates about $300 million in revenue with mid- to high-teens EBITDA margins, expected to expand through the adoption of warm mix asphalt technology [15][16] - The market for warm mix asphalt is estimated at $500 million, with an opportunity to convert an additional $400 million over time [17] Capital Allocation Strategy - Ingevity plans to utilize the expected $1 billion of deployable cash primarily for organic growth initiatives, debt reduction, and share repurchases [18][40] - The company has a balanced approach to capital allocation, focusing on strategic growth while returning capital to shareholders [18] Future Outlook - The company anticipates low single-digit growth in a flat auto production environment, with expectations of generating $225 million to $250 million in free cash flow [19] - Ingevity is focused on executing its organic growth plans and may consider bolt-on acquisitions that could accelerate growth [41] Competitive Advantages - Ingevity maintains a strong position in the activated carbon market due to high-quality products, rigorous qualification processes, and a history of no recalls [29] - The company emphasizes its advocacy efforts with regulatory bodies to shape future emission standards, which is seen as a competitive advantage [38][39] Key Takeaways - Ingevity is positioned as a leading specialty materials company with a strong focus on profitability and cash flow generation - The strategic divestitures and focus on core businesses are expected to enhance shareholder value and drive future growth [20][21]

On February 17, 2026, EVR Research disclosed a new position in Ingevity (NYSE:NGVT), acquiring 100,000 shares worth $5.92 million. What happened In a U.S. Securities and Exchange Commission (SEC) filing dated February 17, 2026, EVR Research reported initiating a new position in Ingevity by purchasing 100,000 shares during the fourth quarter. The fund's quarter-end position in NGVT was valued at $5.92 million, reflecting the full size of the new stake. What else to know This was a new position for the ...

Core Insights - Ingevity reported total sales of $1.3 billion in 2025, an 8% decline year-over-year, while adjusted EBITDA increased by approximately 10% to $398 million, and diluted adjusted EPS rose by 30% to $4.55 [1][7][8] Financial Performance - The company achieved adjusted EBITDA of $398 million, with a margin expansion of 500 basis points to 30.8% [9] - Free cash flow reached $274 million, the highest level in the past five years, and exceeded previous guidance [9][10] - A net loss of $167 million was reported on a GAAP basis, primarily due to $337 million in pre-tax special charges, including a goodwill impairment of $184 million [7][9] Segment Performance - Performance Materials sales remained flat at $607 million, with an EBITDA margin of 53.8% despite lower automotive production [11] - Performance Chemicals saw a total segment EBITDA increase of $45 million year-over-year, with combined segment EBITDA margin expanding to 13.5% from 4% [13] - Advanced Polymer Technologies (APT) sales declined by 15% in 2025, with segment EBITDA falling by 18% due to weak demand in automotive and industrial markets [15] Strategic Actions - On January 1, 2026, Ingevity completed the sale of its North Charleston CTO refinery and most of its Industrial Specialties product line to Mainstream Pine Products, aimed at reducing portfolio volatility and enhancing profitability [2][6] - The company is actively reshaping its portfolio, initiating sales processes for APT and Road Markings, with expectations of interest in both segments [16] 2026 Guidance - For 2026, Ingevity guided adjusted EPS of $4.08 to $5.20, sales of $1.1 billion to $1.2 billion, and adjusted EBITDA of $380 million to $400 million [5][17] - Free cash flow guidance excludes approximately $95 million in expected litigation payments, with plans for continued share repurchases totaling $300 million through 2027 [18] Market Outlook - The company anticipates low single-digit sales growth in Performance Materials and mid-single-digit growth in Performance Chemicals, with EBITDA margins in the mid-teens [18] - Long-term market drivers include potential emissions regulations in China and India, with a focus on higher-value filtration applications expected to expand over the next few years [20]

Financial Performance - Ingevity reported 2025 revenues of $606.9 million in Performance Materials, $400.5 million in Performance Chemicals, and $160.2 million in Advanced Polymer Technologies[20]. - Ingevity's net sales for 2025 were $1,167.6 million, a decrease from $1,200.1 million in 2024 and $1,215.5 million in 2023[174]. - Performance Materials segment net sales for 2025, 2024, and 2023 were $606.9 million, $609.6 million, and $586.0 million, respectively[46]. - Performance Chemicals segment net sales for 2025, 2024, and 2023 were $400.5 million, $401.9 million, and $425.5 million, respectively[54]. - Advanced Polymer Technologies segment net sales for 2025, 2024, and 2023 were $160.2 million, $188.6 million, and $204.0 million, respectively[68]. - The company reported a net loss of $167.1 million in 2025, compared to a net loss of $430.3 million in 2024[174]. - The company incurred a goodwill impairment charge of $183.8 million in 2025, compared to $306.6 million in 2024[174]. - The total charges related to the Performance Chemicals Repositioning Actions are expected to be approximately $370 million, with $353.7 million incurred through December 31, 2025[157][159]. - The company realized approximately $105 million in cash savings from the Performance Chemicals Repositioning Actions since November 2023[161]. - The effective tax rate for 2025 was (5.7)%, a decrease from 13.6% in 2024, primarily due to a mix of earnings and U.K. losses related to the APT goodwill impairment[195]. Strategic Initiatives - The company completed a divestiture of its industrial specialties product line and crude tall oil refinery, which was classified as held for sale and represented a strategic shift in operations[17]. - Ingevity's Strategic Portfolio Review led to the simplification of its business model, focusing on Performance Materials and Pavement Technologies, expected to enhance profitability and stability[15]. - The company is exploring strategic alternatives for its Advanced Polymer Technologies segment, with expected completion by the end of 2026[15]. - The company announced plans to explore strategic alternatives for the Advanced Polymer Technologies segment and Performance Chemicals road markings product line[76]. - The company may pursue acquisitions as part of its growth strategy, but the ability to effectively integrate these acquisitions remains uncertain[102]. Operational Performance - The company achieved a 29% reduction in personal and process safety incidents in 2025 compared to 2024, reflecting improved safety performance initiatives[36]. - Approximately 70-75% of revenue from pavement technologies and road markings is generated between April and September, indicating significant seasonality in these segments[21]. - The company is dependent on third parties for critical operating services at its plants, facing risks of operational disruptions due to third-party failures[78]. - The company faces significant supply chain risks, including pricing pressures and limited availability of raw materials, which could negatively impact operations and financial results[86]. - Disruptions at manufacturing plants due to natural disasters or labor issues could materially affect production and financial results[85]. Market Dynamics - North America accounts for approximately 50% of total Performance Materials net sales, making it the most profitable region[48]. - The Asia Pacific region represents roughly 40% of total Performance Materials' net sales, with about half of that from China[48]. - In 2025, the ten largest customers accounted for approximately 90% of Performance Materials sales[52]. - Sales to the company's ten largest customers accounted for 41% of total sales for 2025, with no single customer exceeding 10% of total sales[99]. - The company is experiencing increased competition in the Performance Materials segment from other activated carbon manufacturers and emerging technologies[94]. - The adoption of electric and hydrogen fuel cell vehicles is increasing, which may reduce demand for the company's activated carbon automotive products[95]. Environmental and Regulatory Factors - Ingevity's products contribute to sustainability, with asphalt emulsifiers enabling up to 100% recycling of materials for longer-lasting roads and recovering 8 million gallons of gasoline daily[24]. - The company is subject to various environmental laws, and changes in regulations could increase operating costs and limit business activities[113]. - Environmental regulations may drive growth in the automotive carbon business, but failure to enact stricter regulations could negatively impact prospects[111]. - Increased public awareness of sustainability issues may affect the company's reputation and investor interest, impacting business performance[116]. Financial Risks and Liabilities - The company may incur costs between 10% and 50% for wastewater treatment non-compliance at its Covington, VA plant, despite representing less than 3% of total wastewater volume[80]. - The company is exposed to risks from changes in tariff regimes, which could impact profitability and competitive position[90]. - Cybersecurity risks are significant, with potential exposure to data breaches and operational disruptions despite existing security measures[104]. - Legal actions related to intellectual property rights could result in significant costs, with a recent jury verdict against the company amounting to approximately $85.0 million[106]. - The company is currently accruing a total of $95.4 million related to the Delaware Proceeding, which includes post-judgment interest[107]. Workforce and Governance - The company maintains a diverse workforce, with 27% of its board of directors being women and 27% racially and ethnically diverse, promoting inclusive leadership[31]. - The company relies on attracting and retaining key personnel, with potential adverse effects on financial condition if unable to do so[101]. - The Sustainability & Safety Committee of the Board of Directors now oversees cybersecurity and risk management programs, enhancing focus on these critical areas[125]. Shareholder Actions - The company repurchased a total of 615,736 shares of its common stock during the three months ended December 31, 2025, with an approximate dollar value of shares that may yet be purchased totaling $297,498,482[145]. - The company has authorized the repurchase of up to $500 million of its common stock, indicating a strategic approach to managing equity[145].

Financial Data and Key Metrics Changes - Total company sales for 2025 were $1.3 billion, an 8% decline compared to the previous year [8] - Adjusted EBITDA increased by 10% year-over-year to $398 million, with margins expanding by 500 basis points to 30.8% [10] - GAAP net loss for 2025 was $167 million, including $337 million of pre-tax special charges [9] - Free cash flow reached $274 million, the highest level in the past five years, exceeding updated guidance [11] Business Line Data and Key Metrics Changes - Performance Materials sales remained flat at $607 million, despite lower auto production due to industry volatility [12] - Performance Chemicals sales declined by $86 million, primarily due to repositioning actions within Industrial Specialties [8] - Advanced Polymer Technologies faced a 15% sales decline, with segment EBITDA down 18% year-over-year due to volume declines [16] Market Data and Key Metrics Changes - The automotive industry faced significant disruptions from tariff uncertainties and supply chain challenges, impacting production and demand [35] - Pavement Technologies sales remained flat year-over-year, with volume growth in the NAFTA region offset by lower infrastructure spending in South America [14] - The company noted a positive trend in North America regarding the adoption of fuel-efficient ICE vehicles [35] Company Strategy and Development Direction - The company aims to grow adjusted earnings per share by 10% and free cash flow per share by 5% through 2027 [4] - Plans to divest Advanced Polymer Technologies segments and Road Markings product line were announced [4] - Focus on optimizing higher value applications in filtration, particularly in water, pharma, and food and beverage sectors [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in starting 2026 with strong performance in core businesses despite a challenging economic environment [7] - The company expects 2026 Adjusted EPS to be in the range of $4.08-$5.20, with sales projected between $1.1 billion and $1.2 billion [18] - Management highlighted the importance of regulatory changes in China and India as potential growth drivers for Performance Materials [55][56] Other Important Information - The company successfully reduced net leverage to 2.6x, exceeding its target of below 2.8x [12] - Share repurchases of approximately $56 million were executed in 2025, with a remaining authorization of just under $300 million [11] Q&A Session Summary Question: Update on potential asset sales and impact on buybacks - Management confirmed that both APT and Road Markings sales processes are progressing well, with expectations to announce updates before year-end [26] - Share buybacks of $300 million are planned regardless of asset sales, with a ratable cadence throughout the year [27] Question: Stranded costs and their timing - Management confirmed clear visibility to eliminate $15 million in stranded costs by year-end, with accumulation expected more in the latter half of the year [29] Question: Performance Materials auto production assumptions - Management indicated a stable auto production environment, with potential upside if supply chain issues abate [34] Question: Peak margins for new segments - Management expects Performance Materials to maintain margins north of 50%, with Performance Chemicals projected in the mid-teens [44] Question: Opportunities for acquisitions in Pavement Technologies - Management stated that while they see growth potential in existing technologies, acquisitions are not a priority in the near term [58]

Financial Data and Key Metrics Changes - Total company sales for 2025 were $1.3 billion, an 8% decline compared to the previous year [8] - GAAP net loss for 2025 was $167 million, which included $337 million in pre-tax special charges [9] - Adjusted gross profit increased by 6.8% year-over-year to $556 million, with gross margin expanding by 610 basis points [9] - Total adjusted EBITDA rose 10% year-over-year to $398 million, with margins expanding 500 basis points to 30.8% [10] - Total diluted adjusted EPS improved by 30% to $4.55 [10] - Free cash flow reached $274 million, the highest level in the past five years, exceeding updated guidance [11] Business Line Data and Key Metrics Changes - Performance Materials sales remained flat at $607 million, despite lower auto production due to industry volatility [12][14] - Performance Chemicals sales declined by $86 million, primarily due to repositioning actions within Industrial Specialties [8] - Pavement Technologies' sales remained flat year-over-year, benefiting from pricing and favorable mix shifts [15] - Advanced Polymer Technologies faced a 15% sales decline and an 18% drop in segment EBITDA due to market pressures [17] Market Data and Key Metrics Changes - The automotive industry faced significant disruptions from tariff uncertainties and supply chain challenges, impacting production [12][36] - Demand for Performance Materials is expected to remain stable, with potential upside if supply chain issues abate [36] - The company anticipates a stable environment for auto production in 2026, with a focus on hybrids and fuel-efficient vehicles [36][55] Company Strategy and Development Direction - The company aims to grow adjusted earnings per share by 10% and free cash flow per share by 5% through 2027 [4] - Plans to divest Advanced Polymer Technologies segments and Road Markings product line to reduce portfolio volatility and enhance profitability [4][5] - Focus on higher value applications in filtration, including water, pharma, and food and beverage sectors [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in starting 2026 with strong performance in core businesses despite economic uncertainties [7] - The company expects adjusted EPS for 2026 to be in the range of $4.08-$5.20, with sales projected between $1.1 billion and $1.2 billion [19] - Management highlighted the importance of regulatory changes in China and India as potential growth drivers for Performance Materials [55] Other Important Information - The company completed the sale of its North Charleston CTO refinery and the majority of the Industrial Specialties product line [4] - The company plans to use free cash flow to continue share buybacks, targeting $300 million through 2027 [21] Q&A Session All Questions and Answers Question: Update on potential asset sales and share buybacks - Management is encouraged by the cash flow generation and progress on asset sales for APT and Road Markings, expecting announcements before year-end [27] - Share buybacks of $300 million are expected to continue regardless of asset sales [28] Question: Stranded costs and their timing - Management has clear visibility to eliminate $15 million in stranded costs by year-end, with accumulation expected more in the latter half of the year [30] Question: Performance Materials auto production assumptions - Management expects stable auto production with potential upside if supply chain issues improve, particularly in North America [36] Question: Peak or mid-cycle margins for segments - Management expects Performance Materials to maintain margins above 50%, with Performance Chemicals projected in the mid-teens [45] Question: Seasonal EBITDA recognition for new segments - Approximately 90% of annual EBITDA for the new Pavement Technologies and Road Markings businesses will be recognized in Q2 and Q3 [47] Question: Regulatory impacts on Performance Materials growth - Significant regulatory changes in China and India are expected to drive growth, particularly in emissions standards [55]

Financial Data and Key Metrics Changes - Total company sales for 2025 were $1.3 billion, an 8% decline compared to the previous year [8] - GAAP net loss for 2025 was $167 million, which included $337 million in pre-tax special charges [9] - Adjusted gross profit increased by 6.8% year-over-year to $556 million, with gross margin expanding by 610 basis points [9] - Total adjusted EBITDA rose 10% year-over-year to $398 million, with margins expanding 500 basis points to 30.8% [10] - Total diluted adjusted EPS improved by 30% to $4.55 [10] - Free cash flow reached $274 million, the highest level in the past five years, exceeding updated guidance [11] Business Line Data and Key Metrics Changes - Performance Materials sales remained flat at $607 million, despite lower auto production due to industry volatility [12] - Performance Chemicals sales declined by $86 million, primarily due to repositioning actions within Industrial Specialties [8] - Pavement Technologies' sales remained flat year-over-year, benefiting from pricing and favorable mix shifts [15] - Advanced Polymer Technologies faced a 15% sales decline and an 18% drop in segment EBITDA due to market pressures [17] Market Data and Key Metrics Changes - The automotive industry faced significant disruptions from tariff uncertainties and supply chain challenges, impacting production volumes [12][36] - Demand for Performance Materials is expected to remain stable, with potential upside if supply chain issues abate [36] - The company anticipates a stable environment for auto production in 2026, with a focus on hybrids and fuel-efficient ICE vehicles [36][55] Company Strategy and Development Direction - The company aims to grow adjusted earnings per share by 10% and free cash flow per share by 5% through 2027 [4] - Plans to initiate sales processes for Advanced Polymer Technologies segments and Road Markings product line were announced [4] - The company is focused on optimizing its portfolio and generating cash flow while reducing leverage [21] - Future growth opportunities are being explored in higher value applications within filtration and energy solutions [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence and optimism for 2026, emphasizing strong execution in core businesses [7] - The company does not expect a meaningful recovery in the global economy for 2026, with sales projected between $1.1 billion and $1.2 billion [19] - Management highlighted the importance of regulatory changes in China and India as potential growth drivers for Performance Materials [55] Other Important Information - The company completed the sale of its North Charleston CTO refinery and the majority of the Industrial Specialties product line [5] - The remaining share repurchase authorization at year-end was just under $300 million [11] Q&A Session Summary Question: Update on potential asset sales and share buybacks - Management is encouraged by the interest in both APT and Road Markings assets and expects to announce updates before the end of the year [26] - Share buybacks of $300 million are expected to continue regardless of asset sales [27] Question: Stranded costs and their timing - Management has clear visibility on eliminating $15 million in stranded costs by year-end, with accumulation expected more in the latter half of the year [29] Question: Performance Materials and auto production assumptions - Management expects stable auto production with potential upside if supply chain issues improve, particularly in North America [36] Question: Peak margins for new segments - Management anticipates maintaining EBITDA margins above 50% for Performance Materials and expects mid-teens margins for Performance Chemicals [46] Question: Seasonal EBITDA recognition for Pavement Technologies - Approximately 90% of annual EBITDA for Pavement Technologies is expected to be recognized in Q2 and Q3 due to seasonality [48]

FULL YEAR AND FOURTH QUARTER 2025 EARNINGS PRESENTATION February 26, 2026 Use of non-GAAP financial measures: This presentation includes certain non‐GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non‐GAAP financial measures to GAAP financial measures are provided within the Appendix to this presentation. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided. The company does ...

Financial Performance - Total net sales for 2025 were $1.3 billion, a decrease of 8% from the prior year, with net sales from continuing operations at $1.2 billion, down 3%[4] - The company reported a net loss of $167.1 million for the full year, with a diluted loss per share of $4.61, primarily due to $293.1 million in non-cash pre-tax special charges[4] - Adjusted EBITDA for the full year was $397.5 million, a 10% improvement over the previous year, with an adjusted EBITDA margin of 30.8%[4] - For the fourth quarter, net sales from continuing operations were $255.1 million, a decline of 3.2%, driven by lower sales in Advanced Polymer Technologies and Performance Materials[7] - The company expects full year 2026 net sales between $1.1 billion and $1.2 billion, with adjusted EBITDA projected between $380 million and $400 million[16] - Net sales for Q4 2025 were $255.1 million, a decrease of 3.3% from $263.4 million in Q4 2024[26] - Gross profit for Q4 2025 was $87.8 million, down 12.2% from $100.0 million in Q4 2024[26] - Net income (loss) for Q4 2025 was $(84.6) million, compared to a net income of $16.6 million in Q4 2024[26] - Basic earnings (loss) per share from continuing operations for Q4 2025 was $(2.21), a decline from $0.54 in Q4 2024[26] - Performance Materials segment net sales for Q4 2025 were $151.2 million, down from $156.2 million in Q4 2024[28] - Performance Chemicals segment net sales increased to $67.4 million in Q4 2025 from $63.3 million in Q4 2024[28] Cash Flow and Liquidity - Free cash flow for 2025 was $273.5 million, with operating cash flow of $331.2 million, an increase of $202.6 million year over year[14] - Cash provided by operating activities increased to $97.1 million in Q4 2025 from $64.5 million in Q4 2024, representing a growth of 50.5%[41] - Free cash flow for Q4 2025 was $73.5 million, compared to $39.6 million in Q4 2024, indicating improved cash generation[82] - Cash, cash equivalents, and restricted cash at the end of the period increased to $112.6 million in 2025 from $86.6 million in 2024, an increase of 30%[41] Assets and Liabilities - Total assets decreased from $2,022.6 million in 2024 to $1,651.1 million in 2025, a decline of approximately 18.4%[39] - Long-term debt, including finance lease obligations, decreased from $1,339.7 million in 2024 to $1,161.4 million in 2025, a reduction of approximately 13.3%[39] - Total liabilities decreased from $1,827.4 million in 2024 to $1,621.4 million in 2025, a decline of approximately 11.3%[39] Impairment Charges - The company reported a goodwill impairment charge of $183.8 million for the year ended December 31, 2025[26] - The company incurred a goodwill impairment charge of $183.8 million for the year ended December 31, 2025, and an additional long-lived asset impairment charge of $109.3 million[64] - Long-lived asset impairment charge for the year ended December 31, 2025, was $109.3 million[26] - Goodwill impairment charge for 2025 amounted to $183.8 million, compared to $306.6 million in 2024, indicating a decrease in impairment losses[79] Restructuring and Other Charges - In 2025, Ingevity recognized a total of $42.9 million in restructuring and other income charges related to discontinued operations[64] - The company anticipates further restructuring and other income charges in future periods, which may impact Total Adjusted EBITDA[61] - Ingevity's strategic reviews may lead to additional restructuring plans, affecting future operational performance[69] - Restructuring and other income charges, net, amounted to $2.7 million for the three months ended December 31, 2025, compared to $9.8 million for the same period in 2024[69] Earnings and Profitability - Adjusted earnings from continuing operations (Non-GAAP) were $21.3 million for the three months ended December 31, 2025, compared to $25.4 million for the same period in 2024[64] - Total adjusted earnings (Non-GAAP) for the twelve months ended December 31, 2025, were $167.0 million, down from $128.3 million in 2024[68] - The diluted adjusted earnings per share from continuing operations (Non-GAAP) was $0.58 for the three months ended December 31, 2025, compared to $0.69 for the same period in 2024[68] - Net income from continuing operations for Q4 2025 was $(78.8) million, compared to $19.5 million in Q4 2024, reflecting a significant decline[79] - Adjusted EBITDA from continuing operations for Q4 2025 was $70.3 million, down from $79.9 million in Q4 2024, resulting in an adjusted EBITDA margin of 27.6%[79] - Net income margin from continuing operations for Q4 2025 was (30.9)%, compared to 7.4% in Q4 2024, highlighting a substantial drop in profitability[79] Interest and Financing - Interest expense, net for Q4 2025 decreased to $16.7 million from $20.8 million in Q4 2024[26] - The net cash used in financing activities was $252.2 million for the twelve months ended December 31, 2025, compared to $70.2 million in 2024, indicating increased financing activity[41] - Share repurchases totaled $56 million for the full year, with $31 million in the fourth quarter, and net leverage improved to 2.6 times[15] - The net debt ratio as of December 31, 2025, was 2.6x, calculated using adjusted EBITDA of $397.5 million[86]

Core Insights - Gabelli Funds will host its 17th Annual Specialty Chemicals Symposium on March 19, 2026, in Midtown Manhattan, focusing on industry dynamics, current trends, and business fundamentals in the specialty chemicals sector [1][2]. Group 1: Event Details - The symposium will feature discussions with leading companies and organizations within the specialty chemicals ecosystem [1]. - Attendees will have the opportunity for one-on-one meetings with management teams, and a webcast option will be available for those unable to attend in person [2]. Group 2: Presenting Companies - The symposium will include presentations from notable companies such as Arq, Inc., Ashland Global, BASF SE, and The Chemours Company, among others [3]. - A total of 12 companies are listed as presenters, with some indicating virtual attendance options [3][4].