NewMarket Corp 2025年度报告

FINANCIAL HIGHLIGHTS 20252024in thousands, except share andper-share amountsOPERATIONS:Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$2,725,169$2,786,558Petroleum additives operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$520,052$591,854Specialty materials operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$47,027$17,452Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$418,747$462,413Basic and diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$44.44$48.22 FINANCIAL POSITION AND OTHER DATA:Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 77,598$77,476Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$883,391$971,281Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,778,243$1,461,583Shares repurchased during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133,65870,970 The following graphs present several financial measures, including EBITDA. EBITDA is a non-GAAP financialmeasure and is defined as income before the deduction of interest and financing expenses, income tax expense,depreciation (on property, plant, and equipment), and amortization (on intangibles and lease right-of-use assets).In addition, we present the non-GAAP financial measure of net debt to EBITDA on the following page and in theletter to our shareholders. Net debt is defined as long-term debt, including current maturities, less cash and cashequivalents and marketable securities. Net debt to EBITDA is defined as net debt divided by EBITDA. While EBITDA, net debt, and net debt to EBITDA are not required by or presented in accordance with UnitedStates generally accepted accounting principles (GAAP), we believe these additional financial measures enhanceunderstanding of our financial performance and period to period comparability. These items should not beconsidered an alternative to results determined under GAAP. Reconciliations of the GAAP measures to thesenon-GAAP measures are presented on the following page. Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$190,908$279,538$388,864$462,413$418,747Add:Interest and financing expenses, net . . . .Income tax expense. . . . . . . . . . . . . . . .Depreciation and amortization . . . . . . . .EBITDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$364,301$463,711$602,941$756,723$721,125 Long-term debt, including current maturities. . . .$1,139,287$1,003,737$643,622$971,281$883,391Less:Cash and cash equivalents . . . . . . . . . . .Marketable securities . . . . . . . . . . . . . . .Net Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$680,065$935,025$531,686$893,805$805,793Net Debt to EBITDA. . . . . . . . . . . . . . . . . . . . . . To Our Shareholders: 2025 was another good year for NewMarket. Our Petroleum Additives business achieved strong operating profitresults throughout the year - second only to 2024. Our new Specialty Materials business exceeded expectationsand had a record year, and we added Calca Solutions on October 1, 2025, to this segment. Our long-term view ofour businesses and the markets they participate in continue to guide our investments. Safety and environmental responsibility are core values for us at NewMarket. Every employee at NewMarket isresponsible for ensuring that our high standards around health, safety, environmental protection, and security arealways upheld. Our Actively Caring safety effort continues to yield positive results, with great performance in mostof our locations. And during the year, we continued to make progress toward our long-term environmental goals. In 2025, we continued to invest heavily in developing new products and technology to keep our customers well-positioned for the future. During the year, we successfully launched new technologies across all our majorlubricant additive and fuel additive product areas. Our innovative products and technologies enable ourpetroleum additive customers to meet evolving OEM requirements, including the specific demand of hybrid andelectric vehicles. We remain focused on helping our customers differentiate their product offerings, remaincompetitive, and reduce their environmental footprint. We are pleased with the performance of our Petroleum Additives business and the work done by our team toachieve the strong results, especially coming off of a record year in 2024. We remain focused on operationalefficiency, new product introductions, optimizing inventory levels, and improving our portfolio profitabilityduring 2026. Our Specialty Materials business