史提宾 2025年度报告

Transformation Accelerating Sustainable and Balanced Growth Financial Highlights(dollars and shares in thousands, except per share amounts) Stock Information 2Free cashflow is a non-GAAP measure and reflects cash generated from operations minus capital expenditures. In 2025 cash generated from operations was $147.9 million and capitalexpenditures were $122.5 million. In 2024 cash generated from operations was $162.1 million and capital expenditures were $122.8 million. In 2023 cash generated from operations was$174.9 million and capital expenditures were $260.3 million. There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company’s control, that could cause actual results to differ materially fromthe forward-looking statements contained in this annual report. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factorsdescribed in Stepan Company’s Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to accidents,unplanned production shutdowns or disruptions in manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfullydevelop or introduce new products; our ability to realize cost savings or operating efficiencies associated with strategic initiatives; compliance with laws; our ability to identify suitableacquisition candidates and successfully complete and integrate acquisitions; global competition; volatility of raw material and energy costs and supply; disruptions in transportation orsignificant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including changes in global trade policies, tariffs,retaliatory measures and countermeasures, currency exchange controls and ratefluctuations, legal restrictions and taxes; unfavorable resolution of litigation against us; maintaining andprotecting intellectual property rights; potential adverse tax consequences due to international scope of our business; downgrades in our credit ratings or our ability to access capitalmarkets; global political, military, security or other instability and increased security regulations; costs, delays and miscalculations in capacity needs related to expansion or other capitalprojects; interruption or breaches of information technology systems; our ability to retain executive management and key personnel; and our debt covenants. A letter fromLuis E. Rojo,President and ChiefExecutive Officer As I reflect on myfirst yearas President and CEO, I amproud of the progress we havemade together during a periodof transformation for StepanCompany. Throughout 2025, weachieved significant milestonesin safety, in growing our keystrategic businesses and in SupplyChain reliability and resiliency. Weclosed 2025 with the best safetyyear on record. Our commitment to growth was put to the testamid a challenging environment shaped by globaleconomic uncertainty, pricing volatility, evolvingregulatory requirements, and market overcapacity.This intensified competition, pressured margins, andrequired us to be more agile and focused on ourapproach and strategies to maintain profitability. In2025, we delivered growth across several strategicareas, including Crop Productivity, Oilfield, Tier 2/3customers, and North America Polymers. Thesegrowth accomplishments were partially offset bysoftness within commodity surfactant end marketsas lower demand, reformulations and backwardintegration constrained volume growth. Despitethese challenges, we delivered a 2% increase inglobal organic sales volume in 2025, marking afavorable shift from recent years and demonstratingthe impact of our strategic focus on higher-value end markets, customer diversification, andoperational discipline. “We will continue our valuegeneration journey through abalanced approach between top-line growth, margin expansionand cost out initiatives.” Luis E. RojoPresident and Chief Executive Officer We enhanced our manufacturing capabilities bycompleting major capital projects, including thestartup of our state-of-the-art alkoxylation facility inPasadena, Texas. This significant investment elevatedour production capabilities and positions us tocapitalize on new growth opportunities in key valuablemarkets. At Millsdale, the team delivered improvedoperational performance with continued gains inreliability, progress in on time service, and strongexecution across continuous improvement initiatives. (dollars in thousands) 2025 marked a year of disciplined execution andfinancial resilience for Stepan. Reported net incomewas $47 million, down 7%, while adjusted netincome1declined to $42 million, or 17%, comparedto 2024. Adjusted EBITDA1increased 6% to $199million, reflecting disciplined pricing and costmanagement, favorable mix, and solid growth acrossa