科佩斯控股 2025年度报告

DEAR FELLOW SHAREHOLDERS As I reflect on 2025, one theme stands out clearly: our ability to navigate change has becomeone of Koppers defining strengths.Over my tenure with the Company, our employees haveconfronted repeated challenges with resolve and, in doing so, reshaped Koppers into abusiness that is safer, stronger, more profitable, and more nimble than ever. Just as important,we have done so while continuing to build a more engaged and resilient workforce. That said, there remains significant opportunity ahead, and our work is far from complete. We knew that 2025 would bring a fresh set of challenges as a result of heightened competition,on top of an unstable and more costly global trade environment and a tepid demand backdropin most of our markets. In the face of this, our tenacity was further strengthened. Our team countered the changes thrust upon us by outside forces by turning inward andcreating a roadmap focused on changing the things that were within our control, with thelaunch of Catalyst, our enterprise-wide transformation.The outcome was performance thatwas nothing short of remarkable, given the environment we faced, and led to the followinghighlights in our financial and safety metrics. •Consolidated sales of $1.9 billion.•Net income attributable to Koppers of $56.0 million.•Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $256.7million.•Operating cash flow of $122.5 million, the seventh consecutive year of delivering operating cashflow of greater than $100 million.•Free cash flow of $67.5 million.•Diluted earnings per share (EPS) of $2.74.•Adjusted EPS of $4.07.•Balanced capital allocation, which consisted of $55.0 million in capital expenditures, $38.2million in share repurchases, $6.4 million in dividends, $20.7 million for an acquisition, and $11.6million in debt reduction.•21 of our 41 sites worked accident-free.•Leading activities (incident prevention) increased 26 percent.•Recordable injuries declined 19.5 percent.•Serious safety incidents were reduced by 70 percent.•Our total recordable incident rate reached a new all-time best for the second year in a row. Catalyst Strengthens Our Continuous Improvement Culture The performance delivered in 2025 did not occur by chance.Over the past year, we tookdeliberate steps to codify the discipline, accountability, and operational rigor that we aspired toin order to drive consistent execution.This effort took shape as Catalyst—our enterprise-wideeffort to build a more agile Koppers that’s better positioned to drive value to the bottom-line. To ensure that our efforts were built to last, we established a Transformation Office to supportthe adoption of Catalyst as a new way of working at Koppers.Through this effort, wegenerated$46 million in benefitsin 2025, which helped deliver adjusted EBITDA within2percent of the prior year, despite a 10 percent decrease in sales.Most of the early benefitshave come from streamlining our portfolio and resizing our workforce to better match ourcommodity markets.This resulted in a reduction ofadjusted SG&A costs by 15 percentyear over year, driven by lowering our employee count by17 percent from a high-watermark reached in April 2024.These actions reflect the output from a more intentionalapproach to how we manage costs, resources, and execution across the enterprise and give aglimpse of what is possible when we implement the appropriate tools and structure for ourtalented global team. While cost reduction has been an early focus, Catalyst is not limited to identifying near-termsavings. It represents a shift in how we operate—embedding continuous improvement into ourcultureand creating a consistent framework for evaluating efficiencies,operationalimprovements, and profitable growth. By aligning terminology, processes, and systems acrossthe organization, Catalyst has accelerated capability-building through targeted training, tools,and upskilling. Catalyst has provided the structure, coordination, and pace required to deliver results soonerand more sustainably.The progress achieved to date demonstrates meaningful momentumand provides a durable foundation that positions Koppers to compete and win over the longterm. 2028 Strategy Poised To Drive Shareholder Value If there is one thing we learned coming off our most recent five-year strategy, it is that the worldin which we operate is far too dynamic nowadays to look past three years.As a result, weadjusted our next strategic plan accordingly and began communicating our 2028 strategy toleaders internally.With one year of Catalyst under our belt, we are now focused squarely onexecutinga clear strategy centered on strong cash generation,margin improvement,disciplined earnings growth, and continued balance sheet improvement. Centralto our strategy is an increasingly focused portfolio.Overtime,we expectPerformance Chemicals(PC)and Railroad and Utility Products and Services(RUPS) torepresent85 percent or more of our businessa