Core Viewpoint - Technip Energies has completed the acquisition of the Advanced Materials & Catalysts (AM&C) business from Ecovyst Inc., enhancing its capabilities in advanced catalysts and supporting its growth strategy in sustainable energy sectors [1][2]. Group 1: Acquisition Details - The acquisition expands Technip Energies' portfolio, increasing recurring revenues and accelerating opportunities in sustainable fuels, circular chemistry, and carbon capture [2]. - The AM&C business will operate under its existing leadership and will be supported by dedicated R&D, manufacturing, and commercial teams across three facilities in the US and Europe, with 330 employees joining Technip Energies [3][4]. Group 2: Financial Impact - AM&C is expected to deliver immediate earnings and cash flow accretion, reinforcing Technip Energies' financial profile and unlocking new value-creation opportunities [4]. - The strong recurring revenue base and attractive margins of AM&C align with Technip Energies' disciplined capital allocation strategy for long-term value creation [5]. Group 3: Leadership Comments - The CEO of Technip Energies emphasized the importance of this transaction in evolving the company and creating an integrated offering that enhances efficiency and emissions performance for customers [5]. - The CEO of Ecovyst expressed confidence that Technip Energies will enhance product development and market reach for the AM&C business [5]. Group 4: Company Background - Technip Energies is a global technology and engineering powerhouse with leadership in LNG, hydrogen, ethylene, sustainable chemistry, and CO2 management, generating revenues of €6.9 billion in 2024 [6][7].

Core Viewpoint - Technip Energies has successfully completed the acquisition of the Advanced Materials & Catalysts (AM&C) business from Ecovyst Inc., enhancing its capabilities in specialty catalysts and advanced materials, which are crucial for sustainable energy transition [1][2]. Group 1: Acquisition Details - The acquisition expands Technip Energies' portfolio and supports its growth strategy in the Technology, Products & Services (TPS) segment, focusing on sustainable fuels, circular chemistry, and carbon capture [2][4]. - The AM&C business will operate under its existing leadership and will be supported by dedicated R&D, manufacturing, and commercial teams across three facilities in the US and Europe, with 330 employees joining Technip Energies [3][4]. Group 2: Financial Impact - AM&C is expected to deliver immediate earnings and cash flow accretion, reinforcing Technip Energies' financial profile and unlocking new value-creation opportunities [4]. - The acquisition aligns with Technip Energies' disciplined capital allocation strategy aimed at driving long-term value creation and growth in the TPS segment [5]. Group 3: Leadership Comments - Arnaud Pieton, CEO of Technip Energies, emphasized the importance of this transaction in enhancing the company's offerings and improving efficiency, reliability, and emissions performance for customers [5]. - Kurt Bitting, CEO of Ecovyst, expressed confidence that Technip Energies would enhance product development and market reach for the AM&C business [5]. - Paul Whittleston, President of AM&C, highlighted the potential for scaling and accelerating innovation as part of Technip Energies [5]. Group 4: Company Background - Technip Energies is a global technology and engineering powerhouse with leadership in LNG, hydrogen, ethylene, sustainable chemistry, and CO2 management, contributing to critical markets such as energy and decarbonization [6][7]. - The company generated revenues of €6.9 billion in 2024 and is listed on Euronext Paris [7].

Core Viewpoint - Ecovyst Inc. will hold a conference call on November 4, 2025, to discuss its third quarter 2025 financial results [1]. Company Overview - Ecovyst Inc. is a global provider of advanced materials, specialty catalysts, and services, focusing on sustainability [3][8]. - The company operates two specialty businesses: Ecoservices, which provides sulfuric acid recycling and chemical waste handling, and Advanced Materials & Catalysts, which supplies silica catalysts and specialty zeolites [4]. Recent Developments - On September 11, 2025, Ecovyst announced a definitive agreement to sell its Advanced Materials & Catalysts segment to Technip Energies, with the sale expected to close in the first quarter of 2026, pending regulatory approvals [4].

Financial Data and Key Metrics Changes - The first quarter total sales were $200 million, up nearly 9% year-over-year, with Eco Services and Advanced Silicas each up 1%, and sales for the Zeolyst joint venture up 60% [23][30] - Adjusted EBITDA for the first quarter was $39 million, primarily driven by higher volume in the Zeolyst joint venture, but lower earnings in Eco Services due to higher planned turnaround costs [23][26] - Adjusted free cash flow for the first quarter was a use of $13 million, with expectations to generate adjusted free cash flow of $60 million to $80 million for the full year [28][30] Business Line Data and Key Metrics Changes - Eco Services sales were $143 million, up 1% compared to the prior year, with adjusted EBITDA of $29 million, down from $42 million due to higher manufacturing costs and lower sales volume related to turnaround activity [26][27] - Advanced Silicas sales were $19 million, with higher sales of niche custom catalysts offset by lower sales of advanced silicas used in polyethylene production [27] - The Zeolyst joint venture saw a significant increase in sales, contributing to the overall sales growth for the quarter [23][27] Market Data and Key Metrics Changes - The Ecoservices segment accounts for approximately 75% of total sales, with less than 5% representing sales to Mexico and Canada, indicating a U.S.-centric business model [10][11] - The company anticipates higher sales of virgin sulfuric acid in the second half of the year due to increased mining demand driven by high global copper demand [15][16] - The company expects stable gasoline demand and high refinery utilization to support regeneration services [14] Company Strategy and Development Direction - The company is focused on opportunistic share repurchases, believing that the current valuation does not reflect the intrinsic value of the business [8][9] - The acquisition of Cornerstone sulfuric acid assets is expected to enhance the Ecoservices network and provide significant capacity additions [39][40] - The company is maintaining a flexible capital allocation strategy while prioritizing leverage reduction [9][29] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential weaker demand in industrial end uses due to macroeconomic conditions and tariff impacts [30][38] - The company maintains a positive long-term outlook for demand fundamentals across most end uses, despite short-term uncertainties [36][38] - The guidance for full-year adjusted EBITDA remains unchanged, expected to be in the range of $238 million to $258 million [31][38] Other Important Information - The company expects to close the acquisition of Cornerstone in the second quarter, with incremental adjusted EBITDA contributions expected to be more material beginning in 2026 [33][40] - The company has observed strong demand for hydrocracking catalysts, which may offset any softer sales in advanced silicas [20][38] Q&A Session Summary Question: Have you seen a slowdown tied to tariffs in polyethylene catalysts? - Management indicated that there has been no observed slowdown related to tariffs or macroeconomic confusion to date [45][46] Question: What are the expectations for sulfuric pricing going forward? - Management noted that sulfur prices are being driven by U.S. refining turnaround work, and the Eco Services business is largely contracted, allowing for price pass-throughs [53][54] Question: What are the synergy potentials from the Cornerstone acquisition? - Management highlighted networking synergies and operational expertise that would enhance the sulfuric acid network, expecting to capture these synergies quickly [67][68] Question: Are there revenue synergies expected from the acquisition? - Management stated that while there are no direct revenue synergies, there will be marketing and networking synergies that could enhance service to existing customers [71][72]

Q1 2025 Financial Performance - GAAP Sales for Q1 2025 were $162 million[8] - Adjusted EBITDA for Q1 2025 was $39 million[8] - Adjusted EBITDA Margin for Q1 2025 was 20%, including a proportionate 50% share of sales from the Zeolyst Joint Venture[8, 9] - Adjusted Free Cash Flow was $(13) million[8] Segment Performance - Ecoservices sales increased by 1.1% to $143.1 million, driven by pass-through of higher sulfur costs, offset by lower sales volume due to planned turnaround activity[6, 21] - Advanced Materials & Catalysts sales increased by 1.1% to $19.1 million, with higher sales of niche custom catalysts largely offset by lower sales of polyethylene catalysts and supports[6, 23] - Zeolyst Joint Venture sales increased by 60.4% to $37.7 million, reflecting sales timing for hydrocracking and specialty catalysts[6, 23] Outlook and Guidance - The company assumes a full-year 2025 tariff direct impact to Adjusted EBITDA of approximately $2 million - $3 million, but is maintaining its full year 2025 Adjusted EBITDA guidance[12] - The company revised its 2025 sales outlook to $785 million - $845 million, excluding the Zeolyst Joint Venture[33] - The company is maintaining its Adjusted EBITDA guidance for 2025 at $238 million - $258 million[33]