Ecovyst (ECVT) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights Ecovyst reported Q2 2025 sales growth and strong Adjusted EBITDA, alongside strategic acquisitions, share repurchases, and an ongoing segment review Second Quarter 2025 Performance Overview Ecovyst reported Q2 2025 results with sales increasing by 9.5% year-over-year to $200.1 million, driven by demand fundamentals. Adjusted EBITDA reached $55.7 million, at the high end of guidance, though slightly down from the prior year. Net income decreased, while Adjusted Net Income showed resilience - Ecovyst delivered Adjusted EBITDA of $55.7 million, at the high end of its guidance range, with demand fundamentals generally in line with expectations[4] Q2 2025 and YTD 2025 Financial Performance | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | YTD 2025 (Millions) | YTD 2024 (Millions) | YTD Change | | :-------------------------------- | :------------------- | :------------------- | :--------- | :------------------ | :------------------ | :--------- | | Sales | $200.1 | $182.8 | 9.5% | $362.3 | $343.4 | 5.5% | | Net Income | $6.0 | $8.3 | (27.7)% | $2.4 | $9.5 | (74.7)% | | Diluted Net Income per share | $0.05 | $0.07 | - | $0.02 | $0.08 | - | | Adjusted Net Income | $13.7 | $14.1 | (2.8)% | $15.2 | $19.2 | (20.8)% | | Adjusted Diluted Income per share | $0.12 | $0.12 | 0% | $0.13 | $0.16 | (18.8)% | | Adjusted EBITDA | $55.7 | $56.9 | (2.1)% | $94.6 | $102.4 | (7.6)% | | Adjusted EBITDA Margin | 24.4% | 26.8% | (2.4) pp | 22.1% | 25.9% | (3.8) pp | | Cash flows from operating activities (YTD) | $43.3 | $46.4 | (6.7)% | - | - | - | | Adjusted Free Cash Flow (YTD) | $(2.4) | $14.4 | (116.7)% | - | - | - | Strategic Initiatives and Capital Allocation Ecovyst completed the acquisition of Waggaman, Louisiana sulfuric acid production assets for $35.0 million, expecting future benefits and synergies. The company also repurchased 2.9 million shares of common stock for approximately $22 million during the quarter, continuing its capital allocation program. A strategic review of the Advanced Materials & Catalysts segment is ongoing - Completed the acquisition of the Waggaman, Louisiana sulfuric acid production assets from Cornerstone Chemical Company for $35.0 million and customary working capital adjustments of $6.3 million[5][6] - Repurchased 2.9 million shares of common stock totaling approximately $22 million during the quarter, with $207.7 million remaining available under the $450 million stock repurchase program[5][6][14] - Steady progress is being made on the strategic review of the Advanced Materials & Catalysts segment, with an update anticipated in the near future[5] Segment Performance Review Ecoservices sales increased due to higher sulfur costs and pricing, while Advanced Materials & Catalysts sales decreased due to timing of niche custom catalyst sales Ecoservices Segment The Ecoservices segment experienced a 14.4% increase in Q2 2025 sales to $176.0 million, primarily due to higher sulfur costs pass-through, favorable contractual pricing for regeneration services, strong virgin sulfuric acid pricing, and the Waggaman acquisition. Adjusted EBITDA remained flat at $49.8 million, as lower regeneration services volume and higher manufacturing costs offset pricing gains and reduced turnaround costs Ecoservices Segment Performance | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | | :----------------- | :------------------- | :------------------- | :--------- | | Sales | $176.0 | $153.9 | 14.4% | | Adjusted EBITDA | $49.8 | $49.7 | 0.2% | | Adjusted EBITDA Margin | 28.3% | 32.3% | (4.0) pp | - Sales increase driven by pass-through of higher sulfur costs, favorable contractual pricing for regeneration services, strong virgin sulfuric acid pricing, and sales contribution from the Waggaman acquisition[7] - Adjusted EBITDA was largely offset by lower regeneration services volume due to unplanned customer downtime and higher anticipated manufacturing costs from general inflation[7] Advanced Materials & Catalysts Segment The Advanced Materials & Catalysts segment saw a 16.6% decrease in Q2 2025 sales to $24.1 million, mainly due to the timing of niche custom catalyst sales. The Zeolyst Joint Venture's proportionate sales also slightly decreased by 2.1% to $28.4 million, reflecting lower hydrocracking and custom catalyst sales, partially offset by sustainable fuels and other specialty catalysts. Segment Adjusted EBITDA declined by 6.8% to $13.7 million, primarily due to lower sales volume and mix Advanced Materials & Catalysts Segment Performance | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Advanced Silicas Sales | $24.1 | $28.9 | (16.6)% | | Zeolyst Joint Venture Sales (50% share) | $28.4 | $29.0 | (2.1)% | | Adjusted EBITDA | $13.7 | $14.7 | (6.8)% | | Adjusted EBITDA Margin | 26.1% | 25.4% | 0.7 pp | - Decrease in Advanced Silicas sales primarily resulted from lower event-driven niche custom catalyst sales related to order timing[8] - Zeolyst Joint Venture sales reduction reflects lower hydrocracking and custom catalysts sales, partially offset by higher sales of catalysts for sustainable fuels and other specialty catalysts[8] Financial Position & Cash Flows Operating cash flows decreased year-over-year, while the company maintained substantial liquidity and managed its debt position Cash Flows and Balance Sheet Cash flows from operating activities for the six months ended June 30, 2025, decreased to $43.3 million from $46.4 million in the prior year, mainly due to dividend timing from the Zeolyst Joint Venture and lower earnings. The company maintained total available liquidity of $152.5 million, with cash and cash equivalents of $69.6 million and total gross debt of $866.5 million Cash Flows and Balance Sheet Metrics | Metric | June 30, 2025 (Millions) | June 30, 2024 (Millions) | YoY Change | | :-------------------------------- | :----------------------- | :----------------------- | :--------- | | Cash flows from operating activities (YTD) | $43.3 | $46.4 | (6.7)% | | Cash and cash equivalents | $69.6 | $83.3 | (16.4)% | | Total gross debt | $866.5 | $873.0 | (0.7)% | | Availability under ABL facility | $82.9 | - | - | | Total available liquidity | $152.5 | - | - | | Net Debt Leverage Ratio (TTM) | 3.5x | 3.3x | 0.2x | - Decrease in operating cash flow primarily driven by the timing of dividends received from the Zeolyst Joint Venture and lower earnings, partially offset by changes in working capital[9] Financial Outlook Ecovyst updated its full-year 2025 guidance, tightening Adjusted EBITDA and increasing sales expectations, while providing Q3 guidance and assessing tariff impacts Full-Year 2025 Guidance Ecovyst maintained the midpoint of its full-year 2025 Adjusted EBITDA guidance while tightening the range to $242 million to $254 million. Sales guidance was increased to $795 million to $835 million, reflecting the Waggaman acquisition and anticipated higher sulfur prices. The company expects continued strong performance in Ecoservices and year-over-year growth in Advanced Silicas' polyethylene catalyst sales and Zeolyst Joint Venture sales - Maintaining the midpoint of full-year 2025 Adjusted EBITDA guidance range while tightening the range to reflect first half results and expectations for the balance of the year[4][10] Full-Year 2025 Guidance Metrics | Metric | Full-Year 2025 Guidance (New) | Full-Year 2025 Guidance (Prior) | | :-------------------------------- | :---------------------------- | :---------------------------- | | Sales | $795 million to $835 million | $785 million to $845 million | | Zeolyst Joint Venture Sales (50% share) | $125 million to $140 million | $115 million to $130 million | | Adjusted EBITDA | $242 million to $254 million | $238 million to $258 million | | Adjusted Free Cash Flow | $70 million to $80 million | $60 million to $80 million | | Capital expenditures | $80 million to $90 million | - | | Interest expense | $46 million to $50 million | $47 million to $53 million | | Depreciation & Amortization (Ecovyst) | $92 million to $98 million | $87 million to $93 million | | Depreciation & Amortization (Zeolyst J.V.) | $12 million to $14 million | - | | Effective tax rate | Mid 20% range | - | | Adjusted Net Income | $60 million to $80 million | $58 million to $85 million | | Adjusted Diluted Income per share | $0.52 to $0.68 | $0.50 to $0.70 | - Ecoservices is expected to benefit from higher sales volumes for regeneration services and virgin sulfuric acid in the second half of 2025, along with continued favorable pricing, driven by high refinery utilization and growth in sulfuric acid demand[10] Third Quarter 2025 Guidance Ecovyst provided guidance for the third quarter of 2025, projecting Adjusted EBITDA to be between $62 million and $72 million Q3 2025 Guidance | Metric | Q3 2025 Guidance | | :-------------- | :--------------- | | Adjusted EBITDA | $62 million to $72 million | Tariffs Impact Ecovyst anticipates a limited direct impact of current tariffs, estimated at approximately $2 million to $3 million in 2025, primarily within its Advanced Materials & Catalysts segment. The full-year outlook does not incorporate significant macroeconomic impacts or demand fluctuations from prolonged tariff uncertainty - The direct impact of current tariffs is limited to approximately $2 million to $3 million in 2025 within Ecovyst's Advanced Materials & Catalysts segment[11] - Full-year guidance does not incorporate the effect of any significant macroeconomic impacts or related demand fluctuations that could result from prolonged tariff uncertainty[12] Corporate Information Ecovyst is a global provider of advanced materials and sulfuric acid services, utilizing non-GAAP measures for performance assessment and providing forward-looking statement disclaimers About Ecovyst Ecovyst Inc. is a global provider of advanced materials, specialty catalysts, virgin sulfuric acid, and sulfuric acid regeneration services, supporting customers through a network of manufacturing facilities. The company operates two specialty businesses: Ecoservices, focusing on sulfuric acid recycling and virgin sulfuric acid for refining, industrial, and mining applications; and Advanced Materials & Catalysts, which includes Advanced Silicas for high-performing plastics and sustainable chemistry, and the Zeolyst Joint Venture for specialty zeolites in sustainable fuels, emissions reduction, and refining/petrochemical processes - Ecovyst Inc. is a leading integrated and innovative global provider of advanced materials, specialty catalysts, virgin sulfuric acid, and sulfuric acid regeneration services[20] - Ecoservices provides sulfuric acid recycling to the North American refining industry, high-quality virgin sulfuric acid for industrial and mining applications, and chemical waste handling/treatment services[21] - Advanced Materials & Catalysts, through Advanced Silicas, provides catalysts, supports, and functionalized silicas for plastics and sustainable chemistry, and through Zeolyst Joint Venture, supplies specialty zeolites for sustainable fuels, diesel emissions, and refining/petrochemical processes[21] Presentation of Non-GAAP Financial Measures Ecovyst utilizes several non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow, to assess operating performance and facilitate period-to-period comparisons by excluding items not representative of its core business. These measures are not intended to replace GAAP results and may not be comparable to similarly titled measures from other companies. The company also details its accounting treatment for the Zeolyst Joint Venture, an equity method investment, where its proportionate share of earnings is included in Adjusted EBITDA calculations - Non-GAAP financial measures (Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Income per share, Net Debt to Net Income ratio, and Net Debt Leverage Ratio) are used for business planning and performance measurement, excluding items not representative of core business[22] - The Zeolyst Joint Venture is accounted for as an equity method investment; its proportionate 50% share of sales is not consolidated as revenue, but its 50% portion of earnings is reflected in the Advanced Materials & Catalysts segment's Adjusted EBITDA[23] Note on Forward-Looking Statements The press release contains forward-looking statements regarding future results, financial condition, strategies, and outlook, which are based on current expectations and assumptions. These statements are subject to inherent uncertainties, risks, and changes in circumstances, including economic, competitive, and regulatory conditions, and the impact of tariffs. Actual results may differ materially, and the company cautions against undue reliance on these statements, undertaking no obligation to update them except as required by law - Forward-looking statements relate to future periods and are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict[24] - Important factors that could cause actual results to differ materially include political, economic, business, competitive, market, and regulatory conditions, currency exchange rates, inflation, and the timing/outcome of the strategic review process[24] - The company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by applicable law[24] Condensed Consolidated Financial Statements This section presents Ecovyst's condensed consolidated statements of income, balance sheets, and cash flows, detailing financial performance and position Condensed Consolidated Statements of Income Ecovyst's Q2 2025 consolidated statements of income show a 9.5% increase in sales to $200.1 million, but a 27.7% decrease in net income to $6.0 million compared to Q2 2024. Year-to-date, sales grew by 5.5% to $362.3 million, while net income significantly declined by 74.7% to $2.4 million Condensed Consolidated Statements of Income | Metric | Three months ended June 30, 2025 (Millions) | Three months ended June 30, 2024 (Millions) | % Change | Six months ended June 30, 2025 (Millions) | Six months ended June 30, 2024 (Millions) | % Change | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :------- | :---------------------------------------- | :---------------------------------------- | :------- | | Sales | $200.1 | $182.8 | 9.5% | $362.3 | $343.4 | 5.5% | | Cost of goods sold | $150.4 | $129.1 | 16.5% | $287.0 | $250.5 | 14.6% | | Gross profit | $49.7 | $53.7 | (7.4)% | $75.3 | $92.9 | (18.9)% | | Operating income | $17.8 | $27.9 | (36.2)% | $16.9 | $41.8 | (59.6)% | | Net income | $6.0 | $8.3 | (27.7)% | $2.4 | $9.5 | (74.7)% | | Diluted earnings per share | $0.05 | $0.07 | - | $0.02 | $0.08 | - | Condensed Consolidated Balance Sheets As of June 30, 2025, Ecovyst's total assets were $1,796.4 million, a slight decrease from $1,802.3 million at December 31, 2024. Cash and cash equivalents decreased to $69.6 million from $146.0 million, while total liabilities remained stable at $1,104.0 million. Total equity decreased to $692.4 million from $700.5 million Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (Millions) | December 31, 2024 (Millions) | | :-------------------------- | :----------------------- | :--------------------------- | | Cash and cash equivalents | $69.6 | $146.0 | | Accounts receivable, net | $103.5 | $77.9 | | Inventories, net | $66.9 | $57.1 | | Total current assets | $269.4 | $303.6 | | Total assets | $1,796.4 | $1,802.3 | | Total current liabilities | $119.6 | $115.1 | | Long-term debt, excluding current portion | $847.9 | $852.1 | | Total liabilities | $1,104.0 | $1,101.8 | | Total equity | $692.4 | $700.5 | Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash provided by operating activities was $43.3 million, down from $46.4 million in the prior year. Net cash used in investing activities significantly increased to $90.8 million, primarily due to business combinations (Waggaman acquisition) and higher purchases of property, plant and equipment. Net cash used in financing activities was $29.4 million, including $21.9 million for common stock repurchases Condensed Consolidated Statements of Cash Flows | Metric | Six months ended June 30, 2025 (Millions) | Six months ended June 30, 2024 (Millions) | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $43.3 | $46.4 | | Net cash used in investing activities | $(90.8) | $(36.8) | | Net cash used in financing activities | $(29.4) | $(14.4) | | Net change in cash and cash equivalents | $(76.4) | $(5.1) | | Cash and cash equivalents at end of period | $69.6 | $83.3 | - Business combinations (Waggaman acquisition) contributed $41.3 million to cash used in investing activities[31] - Repurchases of common shares amounted to $21.9 million in the first six months of 2025[31] Non-GAAP Reconciliations & Supplemental Data This section provides detailed reconciliations for non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, segment performance, Adjusted Free Cash Flow, and Net Debt Leverage Ratio Appendix Table A-1: Reconciliation of Net Income (Loss) to Adjusted EBITDA This section provides a reconciliation of Net Income (Loss) to Adjusted EBITDA for both the three and six months ended June 30, 2025 and 2024, along with trailing twelve months. Key adjustments include depreciation and amortization, joint venture related items, debt modification costs, transaction costs, and equity-based compensation, which are detailed in the accompanying descriptions Reconciliation of Net Income (Loss) to Adjusted EBITDA | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | TTM 2025 (Millions) | TTM 2024 (Millions) | | :------------------------------------------ | :------------------- | :------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Net income (loss) | $6.0 | $8.3 | $2.4 | $9.5 | $(13.8) | $56.1 | | EBITDA | $43.0 | $45.9 | $73.1 | $83.7 | $122.9 | $200.4 | | Joint venture D&A and interest | $3.2 | $3.2 | $6.3 | $6.5 | $13.2 | $13.1 | | Amortization of investment in affiliate step-up | $0.6 | $0.9 | $1.2 | $2.5 | $2.4 | $5.7 | | Debt modification and extinguishment costs | — | $4.6 | $1.0 | $4.6 | $1.0 | $4.6 | | Transaction and other related costs | $2.7 | $0.1 | $4.5 | $0.2 | $4.8 | $0.6 | | Equity-based compensation | $3.4 | $3.8 | $6.5 | $7.5 | $13.0 | $14.4 | | Adjusted EBITDA | $55.7 | $56.9 | $94.6 | $102.4 | $230.3 | $240.1 | - Adjustments to Net Income for Adjusted EBITDA include the proportionate share of depreciation, amortization, and interest expense from the Zeolyst Joint Venture, amortization of affiliate investment step-up, and non-recurring costs like debt modification and transaction expenses[32][34] Appendix Table A-2: Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS This table reconciles GAAP Net Income and EPS to Adjusted Net Income and Adjusted EPS for the three and six months ended June 30, 2025 and 2024. Adjustments are made for non-operating income/expense and certain non-cash or non-recurring items, such as amortization of affiliate investment step-up, debt modification costs, transaction costs, and equity-based compensation, to provide a clearer view of ongoing operating performance Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS | Metric | Q2 2025 After-tax (Millions) | Q2 2025 Diluted EPS | Q2 2024 After-tax (Millions) | Q2 2024 Diluted EPS | YTD 2025 After-tax (Millions) | YTD 2025 Diluted EPS | YTD 2024 After-tax (Millions) | YTD 2024 Diluted EPS | | :------------------------------------------ | :--------------------------- | :------------------ | :--------------------------- | :------------------ | :---------------------------- | :------------------- | :---------------------------- | :------------------- | | Net income | $6.0 | $0.05 | $8.3 | $0.07 | $2.4 | $0.02 | $9.5 | $0.08 | | Amortization of investment in affiliate step-up | $0.5 | — | $0.7 | $0.01 | $0.9 | $0.01 | $1.9 | $0.02 | | Debt modification and extinguishment costs | — | — | $3.4 | $0.03 | $0.8 | $0.01 | $3.4 | $0.03 | | Transaction and other related costs | $2.1 | $0.02 | $0.1 | — | $3.4 | $0.03 | $0.1 | — | | Equity-based compensation | $3.0 | $0.03 | $2.9 | $0.02 | $6.2 | $0.05 | $6.1 | $0.05 | | Adjusted Net Income | $13.7 | $0.12 | $14.1 | $0.12 | $15.2 | $0.13 | $19.2 | $0.16 | - Adjusted Net Income is defined as net income adjusted for non-operating income or expense and the impact of certain non-cash or other items not indicative of ongoing operating performance, enhancing understanding of results and financial condition[37] Appendix Table A-3: Sales and Adjusted EBITDA by Business Segment This table presents sales and Adjusted EBITDA broken down by Ecovyst's two business segments, Ecoservices and Advanced Materials & Catalysts, for the three and six months ended June 30, 2025 and 2024. It also includes Zeolyst Joint Venture sales and segment-specific Adjusted EBITDA margins, highlighting the performance contribution of each segment Sales and Adjusted EBITDA by Business Segment | Segment | Q2 2025 Sales (Millions) | Q2 2024 Sales (Millions) | % Change | YTD 2025 Sales (Millions) | YTD 2024 Sales (Millions) | % Change | | :----------------------------- | :----------------------- | :----------------------- | :------- | :------------------------ | :------------------------ | :------- | | Ecoservices Sales | $176.0 | $153.9 | 14.4% | $319.1 | $295.6 | 7.9% | | Advanced Materials & Catalysts Sales | $24.1 | $28.9 | (16.6)% | $43.2 | $47.8 | (9.6)% | | Zeolyst Joint Venture Sales | $28.4 | $29.0 | (2.1)% | $66.2 | $52.5 | 26.1% | | | | | | | | | | Segment | Q2 2025 Adj. EBITDA (Millions) | Q2 2024 Adj. EBITDA (Millions) | % Change | YTD 2025 Adj. EBITDA (Millions) | YTD 2024 Adj. EBITDA (Millions) | % Change | | :----------------------------- | :----------------------------- | :----------------------------- | :------- | :------------------------------ | :------------------------------ | :------- | | Ecoservices Adj. EBITDA | $49.8 | $49.7 | 0.2% | $78.3 | $91.2 | (14.1)% | | Advanced Materials & Catalysts Adj. EBITDA | $13.7 | $14.7 | (6.8)% | $31.2 | $25.8 | 20.9% | | Unallocated corporate expenses | $(7.8) | $(7.5) | (4.0)% | $(14.9) | $(14.6) | (2.1)% | | Total Adjusted EBITDA | $55.7 | $56.9 | (2.1)% | $94.6 | $102.4 | (7.6)% | | | | | | | | | | Segment | Q2 2025 Adj. EBITDA Margin | Q2 2024 Adj. EBITDA Margin | YTD 2025 Adj. EBITDA Margin | YTD 2024 Adj. EBITDA Margin | | :----------------------------- | :------------------------- | :------------------------- | :-------------------------- | :-------------------------- | | Ecoservices Adj. EBITDA Margin | 28.3% | 32.3% | 24.5% | 30.9% | | Advanced Materials & Catalysts Adj. EBITDA Margin | 26.1% | 25.4% | 28.5% | 25.7% | | Total Adjusted EBITDA Margin | 24.4% | 26.8% | 22.1% | 25.9% | Appendix Table A-4: Adjusted Free Cash Flow This table reconciles net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow for the six months ended June 30, 2025 and 2024. Adjusted Free Cash Flow was $(2.4) million for YTD 2025, down from $14.4 million in YTD 2024, after accounting for purchases of property, plant and equipment and specific adjustments like cash paid for debt financing costs and Waggaman acquisition-related costs Adjusted Free Cash Flow | Metric | Six months ended June 30, 2025 (Millions) | Six months ended June 30, 2024 (Millions) | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $43.3 | $46.4 | | Less: Purchases of property, plant and equipment | $(49.5) | $(36.6) | | Free Cash Flow | $(6.2) | $9.8 | | Adjustments to free cash flow: | | | | Cash paid for debt financing costs | $1.0 | $4.6 | | Cash paid for costs related to the Waggaman acquisition | $2.8 | — | | Adjusted Free Cash Flow | $(2.4) | $14.4 | - Adjusted Free Cash Flow is a non-GAAP measure used to evaluate the ability to generate additional cash from operations, adjusted for unusual or infrequent cash flows not related to core business[40] Appendix Table A-5: Net Debt Leverage Ratio This table presents the calculation of Net Debt and the Net Debt Leverage Ratio as of June 30, 2025 and 2024. As of June 30, 2025, total debt was $866.5 million, leading to a Net Debt of $796.9 million. The Net Debt Leverage Ratio for the trailing twelve months increased to 3.5x from 3.3x in the prior year Net Debt Leverage Ratio | Metric | June 30, 2025 (Millions) | June 30, 2024 (Millions) | | :-------------------------- | :----------------------- | :----------------------- | | Total debt | $866.5 | $873.0 | | Less: Cash and cash equivalents | $69.6 | $83.3 | | Net debt | $796.9 | $789.7 | | Trailing twelve months: | | | | Adjusted EBITDA | $230.3 | $240.1 | | Net Debt Leverage ratio | 3.5x | 3.3x | - The Net Debt to Net Income ratio for the trailing twelve months was not meaningful as of June 30, 2025, due to a net loss[9][41]