For the quarter ended March 2024, Ingevity (NGVT) reported revenue of $340.1 million, down 13.4% over the same period last year. EPS came in at $0.52, compared to $1.09 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $319.85 million, representing a surprise of +6.33%. The company delivered an EPS surprise of +40.54%, with the consensus EPS estimate being $0.37.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Ingevity (NGVT) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 40.54%. A quarter ago, it was expected that this company would post a loss of $0.13 per share when it actually produced earnings of $0.21, delivering a surprise of 261.54%.Over the last four quarters, the company has surp ...

Exhibit 99.1 News Ingevity Corporation 4920 O'Hear Avenue Suite 400 North Charleston, SC 29405 USA www.ingevity.com Contact: Caroline Monahan 843-740-2068 media@ingevity.com Investors: John E. Nypaver, Jr. 843-740-2002 investors@ingevity.com Ingevity reports first quarter 2024 financial results HIGHLIGHTS: (comparisons versus prior year period) The results and guidance in this release include non-GAAP financial measures. Refer to the section entitled "Use of non- GAAP financial measures" within this release ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-K ______________________________________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-375 ...

Financial Performance Summary - Full year net sales were up by 1.4% reaching $1,692.1 million compared to $1,668.3 million in the prior year[23] - Adjusted EBITDA for the full year declined by 12.3% to $396.8 million[23, 24] - Diluted adjusted EPS decreased by 34% to $3.94[23, 118] Segment Performance - Performance Materials' full year sales increased by 6.8% to $586.0 million[12] and segment EBITDA increased by 13.6% to $286.6 million[12] - Road Technologies' full year sales increased by over 53% due to increased technology adoption and the acquisition of Ozark road markings business, reaching $369.8 million[17, 31] - Advanced Polymer Technologies' full year sales decreased by 16.6% to $204.0 million[28] - Industrial Specialties' full year sales decreased by 16% to $532.3 million[31, 43] 2024 Guidance - The company expects revenue between $1.40 billion and $1.55 billion[19] - Adjusted EBITDA is projected to be between $365 million and $390 million[19] - Capital expenditures are estimated to be between $90 million and $110 million[19]

Financial Performance - Q4 2023 net sales were $371.7 million, a decrease of 3% year-over-year, with a net loss of $116.8 million including restructuring charges of $107.5 million [3]. - Full year 2023 net sales reached $1.69 billion, up 1% compared to the previous year, with a net loss of $5.4 million and restructuring charges totaling $145.3 million [4]. - Adjusted EBITDA for Q4 was $61.8 million, down 17%, resulting in an adjusted EBITDA margin of 16.6% [3]. - Full year adjusted EBITDA was $396.8 million, a decrease of 12%, with an adjusted EBITDA margin of 23.5% [4]. - Net loss for Q4 2023 was $116.8 million, compared to a net income of $15.6 million in Q4 2022 [24]. - Net income for Q4 2023 was $(116.8) million, compared to a profit of $15.6 million in Q4 2022, resulting in a full-year net loss of $(5.4) million versus a profit of $211.6 million in 2022 [36]. - Adjusted earnings for Q4 2023 were $7.8 million, down from $21.5 million in Q4 2022, with full-year adjusted earnings at $144.7 million compared to $231.4 million in 2022 [51]. - The diluted adjusted earnings per share for Q4 2023 was $0.21, down from $0.57 in Q4 2022, with full-year diluted adjusted earnings per share at $3.94 compared to $6.01 in 2022 [51]. Segment Performance - Performance Materials segment sales increased by 15% in Q4 to $152.8 million, with segment EBITDA of $78.1 million, up 36% [8]. - Advanced Polymer Technologies segment sales fell by 29% in Q4 to $42.4 million, with segment EBITDA down 46% to $7.9 million [10]. - Performance Chemicals segment sales in Q4 were $176.5 million, down 8%, with a negative segment EBITDA of $24.2 million due to high CTO costs [12]. - Performance Materials segment net sales increased to $152.8 million in Q4 2023, up 15.0% from $132.8 million in Q4 2022 [26]. - Performance Chemicals segment net sales decreased to $176.5 million in Q4 2023, down 7.3% from $191.2 million in Q4 2022 [26]. Cash Flow and Debt - Operating cash flow for the full year was $205.1 million, with free cash flow of $95.3 million and share repurchases totaling $92.1 million [14]. - The company reported cash provided by operating activities of $44.6 million in Q4 2023, a decrease from $98.5 million in Q4 2022, with full-year cash flow at $205.1 million compared to $313.4 million in 2022 [36]. - Capital expenditures for Q4 2023 were $(29.2) million, down from $(49.2) million in Q4 2022, with full-year capital expenditures totaling $(109.8) million compared to $(142.5) million in 2022 [36]. - The company experienced a net cash outflow from investing activities of $(21.0) million in Q4 2023, significantly improved from $(407.2) million in Q4 2022, with full-year outflow at $(77.3) million compared to $(551.9) million in 2022 [36]. - Financing activities resulted in a net cash outflow of $(6.5) million in Q4 2023, contrasting with an inflow of $313.0 million in Q4 2022, with full-year financing activities showing an outflow of $(99.9) million compared to an inflow of $48.1 million in 2022 [36]. - The total debt as of December 31, 2023, was $1,472.5 million, with cash and cash equivalents of $96.1 million [74]. - The net debt ratio as of December 31, 2023, was 3.3x, calculated using a net debt of $1,297.1 million and adjusted EBITDA of $396.8 million [74]. Restructuring and Workforce - The company is focusing on repositioning its Performance Chemicals segment and expanding into higher-growth markets like bioplastics [16]. - The Performance Chemicals repositioning initiative is expected to result in the permanent closure of the DeRidder Plant by the end of the first half of 2024, impacting approximately $300 million of net sales [57]. - The global workforce was reduced by almost 20% in 2023, with approximately 30% of the Performance Chemicals segment's workforce affected [59]. - The company reported restructuring and other charges of $140.5 million in Q4 2023, significantly higher than $3.2 million in Q4 2022, with full-year charges at $189.9 million compared to $13.8 million in 2022 [51]. - Restructuring and other income charges for the three months ended December 31, 2023, amounted to $140.5 million, significantly higher than $3.2 million in the same period of 2022 [67]. Guidance and Future Outlook - The company announced 2024 guidance for sales between $1.40 billion and $1.55 billion and adjusted EBITDA between $365 million and $390 million [15]. - The company recorded $22.0 million in losses on CTO resales during the twelve months ended December 31, 2023 [67].

Financial Performance - Net sales decreased by 7.5% to $446.0 million in Q3 2023 compared to $482.0 million in Q3 2022 [31] - Adjusted EBITDA decreased by 20.1% to $110.4 million with a margin of 24.8% in Q3 2023, compared to $138.2 million with a margin of 28.7% in Q3 2022 [31] - Diluted adjusted EPS decreased by 42.1% to $1.21 in Q3 2023, compared to $2.09 in Q3 2022 [31] - Performance Chemicals segment EBITDA decreased by 62% due to higher CTO costs and weak demand, reaching $24.7 million with a margin of 9.6% [4, 53, 59] Segment Performance - Performance Materials net sales increased by 1.6% to $147.2 million, with segment EBITDA up by 21.7% to $74.5 million and a margin of 50.6% [45] - Industrial Specialties sales decreased by 30% due to lower volumes, with segment EBITDA flat at $11.2 million and a margin of 26.2% [14, 42] - Pavement Technologies sales increased by 47% due to pricing gains and the Ozark acquisition [61] - Advanced Polymer Technologies (APT) sales decreased by 4% to $256.0 million due to lower volumes, with segment EBITDA margin improving to 26.2% [13, 14] Strategic Initiatives and Outlook - The company is repositioning its Performance Chemicals business to focus on higher margin specialty products, expecting EBITDA margins to improve from mid-single digits to 15-20% [30, 50] - The company expects approximately $180 million of non-cash charges and $100 million in cash charges related to the repositioning, with the majority of non-cash and 50-60% of cash charges recognized by the end of the first half of 2024 [8, 70] - The company anticipates ~$25 million in combined savings from Q2 actions and the repositioning announcement [48] - The company reduced total global headcount by approximately 20% [17] - The company expects revenue between $1.6 and $1.7 billion, adjusted EBITDA between $375 and $390 million, capital expenditures between $95 and $105 million, and free cash flow between $75 and $85 million for the full year [47]

PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Ingevity Corporation's unaudited Condensed Consolidated Financial Statements for the period ended September 30, 2023, including key notes on segment reporting changes and the planned DeRidder plant closure Condensed Consolidated Statements of Operations (Unaudited) | In millions, except per share data | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $446.0 | $482.0 | $1,320.4 | $1,284.7 | | **Gross profit** | $129.0 | $176.3 | $412.4 | $464.7 | | **Income (loss) before income taxes** | $32.1 | $95.8 | $143.9 | $249.9 | | **Net income (loss)** | $25.2 | $75.4 | $111.4 | $196.0 | | **Diluted earnings (loss) per share** | $0.69 | $1.98 | $3.03 | $5.06 | Condensed Consolidated Balance Sheets (Unaudited) | In millions | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current assets** | $734.5 | $679.0 | | **Total Assets** | $2,766.8 | $2,736.5 | | **Total Current liabilities** | $305.1 | $303.5 | | **Total Liabilities** | $2,048.1 | $2,038.2 | | **Total Equity** | $718.7 | $698.3 | Condensed Consolidated Statements of Cash Flows (Unaudited) | In millions | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $160.5 | $214.9 | | **Net cash provided by (used in) investing activities** | $(56.3) | $(144.7) | | **Net cash provided by (used in) financing activities** | $(93.4) | $(264.9) | - In Q1 2023, the company realigned its segment reporting, creating the Advanced Polymer Technologies segment from Performance Chemicals and splitting the Performance Chemicals goodwill reporting unit[19](index=19&type=chunk) - On November 1, 2023, the company announced the permanent closure of its DeRidder, Louisiana manufacturing plant by H1 2024, anticipating approximately **$280.0 million** in aggregate charges, with about **$180.0 million** being non-cash[138](index=138&type=chunk)[139](index=139&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and nine-month 2023 financial results, highlighting a 7.5% Q3 net sales decrease, gross profit impact from CTO inflation, Performance Chemicals repositioning, and full-year 2023 guidance of **$1.6-$1.7 billion** sales and **$375-$390 million** Adjusted EBITDA [Overview and Recent Developments](index=30&type=section&id=Overview%20and%20Recent%20Developments) The company announced strategic actions to reposition its Performance Chemicals segment, including the DeRidder plant closure with **$280 million** in expected charges, and a goodwill impairment test that concluded no impairment with a **19%** headroom - On November 1, 2023, Ingevity announced strategic actions to reposition its Performance Chemicals segment, including the permanent closure of its DeRidder, Louisiana plant by the end of H1 2024[147](index=147&type=chunk) - The company expects to incur approximately **$280.0 million** in aggregate charges related to these actions, with about **$180.0 million** being non-cash asset-related charges[148](index=148&type=chunk) - A goodwill impairment test for the Performance Chemicals reporting unit concluded no impairment, with the fair value exceeding the carrying value by **19%**[152](index=152&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q3 2023 net sales decreased by **$36.0 million** (7.5%) due to volume declines, while nine-month net sales increased by **$35.7 million** (2.8%) due to price/mix improvements, with gross profit negatively impacted by CTO inflation in both periods Net Sales Variance Analysis (vs. Prior Year) | In millions | Prior Year Net Sales | Volume | Price/Mix | Currency Effect | Current Year Net Sales | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q3 2023 vs 2022** | $482.0 | $(72.1) | $38.3 | $(2.2) | $446.0 | | **9M 2023 vs 2022** | $1,284.7 | $(97.1) | $142.4 | $(9.6) | $1,320.4 | - Q3 gross profit decreased by **$47.3 million**, primarily due to **$42.6 million** in increased manufacturing costs from CTO inflation and a **$36.7 million** negative impact from lower sales volume[160](index=160&type=chunk) - Restructuring and other charges increased to **$24.6 million** in Q3 2023 from **$3.3 million** in Q3 2022, mainly due to costs from the alternative fatty acid transition at the Crossett plant and the North Charleston plant transition[167](index=167&type=chunk) [Segment Operating Results](index=36&type=section&id=Segment%20Operating%20Results) In Q3 2023, Performance Materials saw sales and EBITDA growth, while Performance Chemicals experienced significant declines due to lower volumes and high CTO costs, and Advanced Polymer Technologies' sales fell but EBITDA remained flat Performance Materials Segment Results (Q3 2023 vs Q3 2022) | In millions | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $147.2 | $144.9 | +1.6% | | **Segment EBITDA** | $74.5 | $61.2 | +21.7% | Performance Chemicals Segment Results (Q3 2023 vs Q3 2022) | In millions | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $256.0 | $267.6 | -4.3% | | **Segment EBITDA** | $24.7 | $65.7 | -62.4% | Advanced Polymer Technologies Segment Results (Q3 2023 vs Q3 2022) | In millions | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $42.8 | $69.5 | -38.4% | | **Segment EBITDA** | $11.2 | $11.3 | -0.9% | [Current Full Year Company Outlook](index=39&type=section&id=Current%20Full%20Year%20Company%20Outlook) For full-year 2023, Ingevity projects net sales between **$1.6 billion** and **$1.7 billion**, with Adjusted EBITDA between **$375 million** and **$390 million**, reflecting segment-specific trends and CTO cost pressures - Full-year 2023 net sales are expected to be between **$1.6 billion** and **$1.7 billion**[205](index=205&type=chunk) - Full-year 2023 Adjusted EBITDA is expected to be between **$375 million** and **$390 million**[206](index=206&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through operating cash flow, a new **$100.0 million** accounts receivable securitization program, and available credit, with projected 2023 capital expenditures of **$95-$105 million** and **$353.4 million** remaining for share repurchases - On October 2, 2023, the company entered into a **$100.0 million** accounts receivable securitization program to provide additional liquidity[211](index=211&type=chunk) - During the first nine months of 2023, the company repurchased **$92.1 million** of its common stock, with **$353.4 million** remaining available under the share repurchase program as of September 30, 2023[213](index=213&type=chunk) - Projected capital expenditures for the full year 2023 are between **$95 million** and **$105 million**[215](index=215&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations, interest rate changes on variable-rate debt, and commodity price volatility, with Crude Tall Oil (CTO) representing approximately **25%** of consolidated cost of sales in the first nine months of 2023 - A hypothetical **10%** adverse change in euro and Chinese renminbi exchange rates would have decreased net sales by approximately **$13.2 million** for the nine months ended September 30, 2023[225](index=225&type=chunk) - A hypothetical **100 basis point** increase in variable interest rates would have increased annual interest expense by approximately **$8.3 million** based on debt levels for the nine months ended September 30, 2023[226](index=226&type=chunk) - Crude Tall Oil (CTO) represented about **25%** of consolidated cost of sales for the first nine months of 2023, and a hypothetical **10%** increase in its market price would have increased cost of sales by approximately **$22 million**[228](index=228&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2023, following the completion of a new global ERP system implementation in early 2023 that updated processes and internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2023[231](index=231&type=chunk) - The company completed the final phase of its new global ERP system implementation in early 2023, leading to changes in processes and internal controls over financial reporting[232](index=232&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing litigation with BASF, where a jury awarded approximately **$85.0 million** (trebled under antitrust law), which Ingevity has accrued but intends to appeal - In the legal proceeding with BASF, a jury awarded damages of approximately **$28.3 million**, trebled to approximately **$85.0 million** under U.S. antitrust law[116](index=116&type=chunk) - The company has accrued the full **$85.0 million** verdict in 'Other liabilities' but disagrees with the outcome and is actively seeking to have it set aside or overturned on appeal[117](index=117&type=chunk)[118](index=118&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section introduces new material risk factors, primarily concerning the planned closure of the DeRidder, Louisiana plant and the cessation of critical services from WestRock's North Charleston paper mill, both posing potential operational and financial impacts - A new risk factor is the closure of the DeRidder, Louisiana plant, with potential negative impacts including costs exceeding estimates, adverse legal actions, and financial losses from excess CTO inventory[237](index=237&type=chunk) - A new risk factor stems from the closure of WestRock's North Charleston paper mill, which provided critical services to Ingevity's plant, potentially causing operational interruptions and significant capital expenditure to replace them[238](index=238&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activity, noting no repurchases during Q3 2023, with approximately **$353.4 million** remaining available under the board-authorized program as of September 30, 2023 Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan | | :--- | :--- | :--- | :--- | | July 2023 | — | $ — | $353,384,633 | | August 2023 | — | $ — | $353,384,633 | | September 2023 | — | $ — | $353,384,633 | | **Total** | **—** | **$ —** | **$353,384,633** | [Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) This section contains no additional information [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and the Inline XBRL instance document

Free cash flow impacted by expected cash spend related to WestRock plant closure and cost reduction actions totaling approximately $30 million (1) Please see appendix for Ingevity's use of non-GAAP financial measures, definitions of those financial measures and reconciliations to the nearest GAAP financial measures. 10 FOR MORE INFORMATION Media Caroline Monahan (843) 740 - 2068 11 Investors John E. Nypaver, Jr. (843) 740 - 2002 Thank you for your interest in Ingevity. APPENDIX 『ingevity 12 Ingevity has pre ...

Financial Data and Key Metrics Changes - The company reported a nearly 15% increase in sales driven by stronger pricing across all segments and higher volumes in Performance Materials and Pavement Technologies [29] - Adjusted EBITDA for the quarter was $120.7 million, flat compared to the previous year, with an adjusted EBITDA margin of 25.1% [31] - Diluted adjusted EPS was $1.41, lower than the prior year due to higher interest expenses and depreciation related to the Ozark acquisition [31] - Free cash flow for the quarter was $27 million, lower than usual due to significant working capital increases, particularly in inventory [32] Business Line Data and Key Metrics Changes - Performance Materials experienced double-digit growth year-over-year and sequentially [8] - The Pavement Technologies business had a record quarter, with strong demand leading to higher sales in Europe and South America [13] - The Industrial Specialties segment faced challenges, with volume declines attributed to macroeconomic trends and customer destocking [53][61] - Advanced Polymer Technologies saw flat sales year-over-year but improved profitability, with an EBITDA margin of 21.8% [55] Market Data and Key Metrics Changes - North America was the strongest region for the company, while Asia and Europe showed sluggish recovery [58][121] - The U.K. is rapidly adopting warm mix technology, which is expected to reduce energy use and emissions [21] - Demand for rosin-based products weakened, particularly in Asia and Europe, impacting overall volumes [41][61] Company Strategy and Development Direction - The company is focusing on transitioning to alternative fatty acids (AFA) to mitigate reliance on crude tall oil (CTO) and reduce cost exposure [49][112] - The strategy includes expanding production capabilities and entering new markets, particularly in bioplastics and automotive applications [42][112] - The company is also investing in talent to support the AFA transition and enhance its market position [26][112] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the sluggish recovery in China and ongoing industrial slowdowns in Europe, which have affected demand [61][121] - The company anticipates that CTO prices will remain elevated until 2024, impacting profitability [61] - Management remains optimistic about the long-term potential of the AFA transition and expects to see improvements as market conditions stabilize [112][156] Other Important Information - The company initiated significant cost reduction actions, expecting annualized savings of approximately $35 million, with $20 million expected to be realized in 2023 [36] - The transition costs associated with the WestRock closure are expected to be between $15 million and $20 million, primarily in the second half of the year [35] Q&A Session Summary Question: What is the disconnect in CTO pricing? - Management acknowledged the inefficiency in the CTO market and indicated that pricing tends to lag market changes, complicating recovery efforts [51][66] Question: How much of the guidance reduction is due to WestRock transition costs? - The WestRock impact is primarily cash costs, while the EBITDA decline is more related to CTO costs and general economic slowdown [80][81] Question: What is the expected contribution from PM and APT businesses? - The contribution from PM and APT is expected to be lower than initially thought due to the lack of recovery in China and Europe [102] Question: How is the AFA transition progressing? - The AFA transition is on track, with expectations to produce volumes equivalent to traditional CTO volumes by next year [112][130] Question: How will the company recover the $100 million gap from CTO costs next year? - Recovery will depend on improved market conditions, pricing adjustments, and continued growth in other business segments [141][156]