Ecovyst Inc 2025年度报告

BY DELIVERING RELIABLE SULFUR SOLUTIONSFOR CLEAN FUELS AND CRITICAL MATERIALS Our CompanyEcovystis a leading integrated provider of virgin andregenerated sulfuric acid products and services. We arethe leading provider of sulfuric acid recycling services–‘‘”–Š‡”‹…ƒ”‡Ƥ‡”‹‡•ˆ‘”–Š‡’”‘†—…–‹‘‘ˆalkylate, an essential gasoline blending component forlowering vapor pressure and increasing octane rating–‘‡‡–•–”‹‰‡–‰ƒ•‘Ž‹‡•’‡…‹Ƥ…ƒ–‹‘•ƒ†ˆ—‡Ž‡ƥ…‹‡…›•–ƒ†ƒ”†•ǡƒ†ƒŽ‡ƒ†‹‰‘”–Š‡”‹…ƒproducer of high-quality and high-strength virginsulfuric acid for industrial and advanced materialsapplications, mining and lead acid batteries. Wealso provide chemical waste handling and treatmentservices, as well as ex-situ catalyst activation servicesˆ‘”–Š‡”‡Ƥ‹‰ƒ†’‡–”‘…Š‡‹…ƒŽ‹†—•–”›Ǥ‡Šƒ˜‡strong customer relationships developed through a longhistory of reliability, quality and value-added productsand services and a broad manufacturing footprint andsupply network. Based on these competitive strengths,we believe that Ecovyst remains well-positioned for’”‘Ƥ–ƒ„Ž‡‰”‘™–Šƒ•™‡‡‡–‘—”…—•–‘‡”•ǯ‡‡†•for critical products and services. ~617Employees $724M2025Sales 9Manufacturingplants #1or#2Supply sharepositions in nearlyall product families KEY INVESTMENTHIGHLIGHTS •Longstanding relationships with large,industrial customers who value qualityand reliability Ȉ‹ơ‡”‡–‹ƒ–‡† ƒ—ˆƒ…–—”‹‰ ‘™ǦŠ‘™with unrivaled supply infrastructureƒ† ƒ—ˆƒ…–—”‹‰ ‡–™‘”• Ȉ‘‰Ǧ–‡” …—•–‘‡” ƒ‰”‡‡‡–• ™‹–Šminimum volume requirements and’ƒ••Ǧ–Š”‘—‰Š ’”‘˜‹•‹‘• ‘ˆ ”ƒ™ ƒ–‡”‹ƒŽ• •Historic attractive and stable marginswith favorable historic cash generationcapability •Strong balance sheet and liquiditysupport provide for capital allocationƪ‡š‹„‹Ž‹–› đĊęęĊėċėĔĒ —”– Ǥ‹––‹‰Š‹‡ˆš‡…—–‹˜‡ƥ…‡” “As a leading supplier of products and servicesthat are critical to our U.S.-based customers,we believe Ecovyst remains well positionedto execute and deliver in 2026.” Dear Fellow Stockholders: 2025 was a transformational year for Ecovyst. We advancedour strategic objectives by optimizing our portfolio,strengthening our balance sheet, and continuing to executestrategies designed to drive long-term growth and createvalue for our stockholders. I am proud of the milestoneswe achieved throughout the year, and I want to recognizeand thank my Ecovyst colleagues for their dedication andcontributions. our stockholders. Furthermore, this transaction facilitatedleverage reduction and materially improved our balancesheet, enhancing our ability to meet strategic objectives. Additionally, favorable cash generation during the yearallowed us to return capital to our stockholders throughthe repurchase of approximately $47 million in commonstock. ͚͚͘͝ĎēėĊěĎĊĜ ĘęėĆęĊČĎĈĒĎđĊĘęĔēĊĘĎē2025 In 2025, demand fundamentals for our regenerationservices product line remained positive, supported bystable gasoline demand, positive alkylate economics, andŠ‹‰ŠǦ…ƒ’ƒ…‹–›—–‹Ž‹œƒ–‹‘ˆ‘”‘—””‡Ƥ‹‰…—•–‘‡”•Ǥ—””‡•—Ž–•ƒŽ•‘„‡‡Ƥ–‡†ˆ”‘ˆƒ˜‘”ƒ„Ž‡…‘–”ƒ…–—ƒŽ’”‹…‹‰‹our regeneration services product line. However, our 2025Ƥƒ…‹ƒŽ”‡•—Ž–•”‡ƪ‡…–‡†–Š‡‹’ƒ…–‘ˆ•‹‰‹Ƥ…ƒ–’Žƒ‡†and unplanned customer downtime, which adverselyƒơ‡…–‡†”‡‰‡‡”ƒ–‹‘˜‘Ž—‡•Ǥ In May 2025, we acquired the sulfuric acid productionassets of Cornerstone Chemical Company located inWaggaman, Louisiana, for $35 million plus working capitalof approximately $6 million. This transaction expandedour Gulf Coast presence and production footprint,providing incremental capacity to serve the growingneeds of our customers. Over the balance of 2025, we„‡‡Ƥ–‡†‘–‘Ž›ˆ”‘–Š‡ƒ††‹–‹‘ƒŽ…ƒ’ƒ…‹–›ǡ„—–ƒŽ•‘from network optimization opportunities enabled by theWaggaman plant. ‡ƒŽ•‘„‡‡Ƥ–‡†ˆ”‘Š‹‰Š‡”•ƒŽ‡•‘ˆ˜‹”‰‹•—Žˆ—”‹…ƒ…‹†ǡ”‡ƪ‡…–‹‰•–”‘‰ƒ†‰”‘™‹‰†‡ƒ†‹–Š‡‹‹‰sector as well as the contribution of the Waggamansulfuric acid plant acquired mid-year. After the previously announced strategic review of ourAdvanced Materials & Catalysts segment, the segmentwas successfully divested to Technip Energies at the endof 2025 for a purchase price of $556 million. Although theAdvanced Materials & Catalysts segment was regarded asa high-quality business with strong margins and growthprospects, it was determined that the market did notfully recognize its value and that alternative ownershipwould better support its future development. The reviewand subsequent transaction enabled us to achieve anƒ’’”‘’”‹ƒ–‡˜ƒŽ—ƒ–‹‘ˆ‘”–Š‡•‡‰‡–ǡ—Ž–‹ƒ–‡Ž›„‡‡Ƥ–‹‰ With the proceeds from the sale of Advanced Materials &ƒ–ƒŽ›•–•ǡ™‡‡†‡†–Š‡›‡ƒ”™‹–Š•‹‰‹Ƥ…ƒ–Ž›”‡†—…‡†leverage and a strong cash and liquidity position. Thisˆ‘—†ƒ–‹‘•—’’‘”–•ƪ‡š‹„‹Ž‹–›ƒ…”‘••‘—”…ƒ’‹–ƒŽallocation priorities, including investment in organicgrowth, pursuit of attractive and accretive bolt-onopportunities, and the return of capital to stockholdersthrough share repurcha