卡博特 2025年度报告

CABOT CORPORATION:A COMPELLING INVESTMENT THESIS 2LEADER WITHGLOBAL SCALE Positioned to deploy growthcapital while maintaining cashreturn to shareholders Global network of competitive assets withleading technology enables optimization tobest serve customers and maximize returns HIGHLIGHTS 2025 Sean D. Keohane President and Chief Executive Officer A MESSAGE TO OUR SHAREHOLDERS Fiscal year 2025 unfolded against a backdrop of persistent macroeconomic turbulence, geopoliticaltensions, and an unprecedented global trade conflict. It was a year that tested the resilience andagility of companies across all sectors. Yet it was also a year that highlighted Cabot’s ability to adapt,perform, and advance even amid challenging global headwinds. Across nearly every industry, including ours, disruption and uncertainty were defining themes of the year.Yet, we continued to build on the enduring strength of our business model and the agility of our global teams.Our performance in this environment demonstrates not just resilience, but the power of disciplined executionand strategic clarity. We focused on what we could control, including operational excellence, cost discipline,innovation, and customer value, strengthening our foundation for long-term sustainable growth. I am proud to report that Cabot delivered record adjusted earnings per share1(EPS) of $7.25, a 3% increase yearover year. Adjusted earnings before interest, taxes, depreciation and amortization1(EBITDA) increased 3% to $804million, representing a 22% margin. This level of performance reflects our commitment to operational excellence,strong cost discipline, and our ability to pivot resources to drive progress in key end-market applications wheremacro-trends were favorable. The quality of our earnings remained strong, with adjusted return on invested capital1(ROIC) reaching 18%. We ended the year with a net debt to EBITDA ratio of 1.2x and liquidity of approximately $1.5billion, giving us the financial flexibility to invest in targeted growth initiatives, drive innovation, advance strategicM&A, and return significant capital to shareholders. Cash generation continues to be an important characteristic of our company. In fiscal 2025, we delivered $665million in operating cash flow and $391 million in free cash flow1, enabling a balanced approach to capitalallocation where we: Invested to enhance the reliability,efficiency, and sustainability of ourasset base. Returned capital to shareholders through$96 million in dividends (including a 5%increase announced in May) and $168million in share repurchases, totaling$264 million. Funded growth, both organic and inorganic,aligned with high-confidence opportunities. We are proud to have maintained a growing dividend since 1968, and we remain committed to a competitive dividendas part of our capital allocation framework to drive strong total shareholder returns. STRATEGIC PROGRESS a weak volume environment, we also made progress onstrengthening the long-term positioning of the business.During the year, we announced a definitive agreementto acquire Bridgestone Corporation’s reinforcing carbonsplant in Mexico. We expect this investment will enhanceour regional presence, deepen our long-standingpartnership with Bridgestone, and support ourstrategy to serve customers with reliable, locallyproduced materials. Beyond our strong financial performance,fiscal 2025 was a year of meaningful progresson ourCreating for Tomorrowstrategy, aswe advanced key initiatives to expand ourleadership positions, strengthen our portfolio,and deepen our commitment to sustainability. Our Performance Chemicals segment achievedstrong earnings growth even amid softness in theautomotive and construction sectors. We focused ourefforts on applications aligned with powerful long-term megatrends where our materials play a criticalenabling role such as infrastructure development, theenergy transition, and digitalization. Demand remainedespecially strong in high-value applications such asconductive carbons for power distribution cables andfumed silica for both semiconductor manufacturing andthe production of wind turbine blades, highlighting thestrength and differentiation of our specialty portfolio. Our commitment to sustainability leadership remainsfoundational to our strategy and culture. In 2025, Cabot earned a Platinum ratingfrom EcoVadis for the fifth consecutive year,placing us among the top 1% of companiesassessed globally. We also launched our new 2030 sustainability goals,which focus on six priority topics identified as mostmaterial to our business and stakeholders. These goalsrepresent a strategic framework that guides how weinnovate, operate, and create long-term value acrossour global enterprise. The Reinforcement Materials segment was impactedby weak demand in the tire market and rising levels ofAsian tire imports into the western regions. While ourfocus in the year was on countermeasures to navigate DRIVING STRATEGICGROWTH I