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WAYNE, Pa., Aug. 5, 2026 /PRNewswire/ -- Ecovyst Inc. (NYSE: ECVT) ("Ecovyst" or the "Company"), a leading provider of regenerated sulfuric acid, virgin sulfuric acid, and sulfur dioxide and related derivatives, today reported results for the second quarter ended June 30, 2026.
On December 31, 2025, the Company completed the sale of its Advanced Materials & Catalysts business, which includes the Company's investment in affiliated companies, Zeolyst International and Zeolyst C.V. Financial results of the divested Advanced Materials & Catalysts business are reported in discontinued operations in the financial statements for all periods presented.
Second Quarter 2026 Results & Highlights from Continuing Operations
"In the second quarter of 2026 Ecovyst continued to deliver on its financial and long-term strategic objectives. As anticipated, high refinery utilization and positive alkylate economics contributed to increased volume of regenerated sulfuric acid, while virgin sulfuric acid volume increased double digits, reflecting positive demand fundamentals and the contribution from the Waggaman sulfuric acid plant we acquired in May 2025. As a result, we delivered second quarter 2026 Adjusted EBITDA of $53 million, within our guidance range, and up 27% compared to the year ago quarter," said Kurt J. Bitting, Ecovyst's Chief Executive Officer.
"We remain focused on creating long-term stockholder value by delivering differentiated growth by capitalizing on favorable trends in our end-use segments and pursuing synergistic acquisitions that expand our ability to serve those attractive industries," said Bitting. "In Q2 2026, we completed our acquisition of the Calabrian sulfur dioxide and related derivatives business. This transaction broadens Ecovyst's platform of leading sulfur-based solutions, expands our presence in core applications such as mining and water treatment, and provides us with attractive growth opportunities in adjacent industry applications such as food processing and pharmaceuticals. As we begin the integration of Calabrian into Ecovyst, we expect to realize meaningful synergies that we believe will create additional value for our stockholders," said Bitting. "Based upon our favorable results for the first six months of the year, and to reflect the anticipated financial contribution of Calabrian in the second half of the year, we are raising our guidance for full-year Adjusted EBITDA to a range of $195 million to $207 million," added Bitting.
Review of Business Results
Second quarter 2026 sales were $250.0 million, up $73.9 million or 42%, compared to $176.1 million in the second quarter of 2025. The increase in sales reflects higher sales volume and pricing compared to the prior year quarter. Average selling prices were higher primarily due to the pass-through effect of higher sulfur costs of approximately $55 million and favorable contractual pricing for regenerated sulfuric acid. The increase in sales volume was driven by higher sales of regenerated sulfuric acid from strong demand and less customer downtime, along with higher sales of virgin sulfuric acid due to increased customer demand and the contribution of sales volume from the Waggaman location, compared to the prior year quarter. Second quarter 2026 Adjusted EBITDA was $53.1 million, up $11.2 million or 27%, compared to $41.9 million in the second quarter of 2025, with the increase primarily driven by higher sales volume and favorable net pricing, partially offset by higher manufacturing costs, general inflation and higher transportation costs.
Cash Flows and Balance Sheet
Cash flows from operating activities for continuing operations were $55.2 million for the six months ended June 30, 2026, compared to $25.3 million for the six months ended June 30, 2025. The increase was primarily driven by higher earnings exclusive of non-cash expenses.
As of June 30, 2026, the Company had cash and cash equivalents of $87.8 million. Total gross debt was $497.1 million and availability under the Asset-Based Lending ("ABL") facility was $88.5 million, after giving effect to $2.2 million of outstanding letters of credit and with no revolving credit facility borrowings outstanding. Total cash and cash equivalents of $87.8 million plus the $88.5 million of availability under the ABL facility provided for total available liquidity of $176.3 million.
As of June 30, 2026, the net debt to net income ratio was 15.9x and the net debt leverage ratio was 2.0x. The increase in the net debt leverage ratio from 1.2x at December 31, 2025 is due to the $100 million increase in the term loan associated with the acquisition of the Calabrian business with no associated Adjusted EBITDA in the trailing twelve-month period related to the Calabrian business.
Revised 2026 Financial Outlook
For the second half of 2026 our outlook for demand for regenerated and virgin sulfuric acid remains positive. We expect strong demand for regenerated acid to support alkylate production and lower customer downtime, compared to the second half of 2025. However, and consistent with our previous guidance, we expect lower sales of virgin sulfuric acid in the third and fourth quarters, compared to 2025, primarily reflecting lower expected spot sales opportunities. We remain cautious about the potential for softer demand in some industrial applications for virgin sulfuric acid.
In light of the acquisition of the Calabrian sulfur dioxide and related derivatives business on June 30, 2026, we are revising our consolidated full-year 2026 guidance to reflect our expectations for Calabrian's contributions in the third and fourth quarters of 2026.
The Company's revised 2026 guidance is as follows:
Stock Repurchase
In April 2022, the Company's Board of Directors approved a stock repurchase program authorizing the repurchase of up to $450 million of the Company's outstanding common stock. In October 2025, the Company's Board of Directors approved the removal of the expiration date of the stock repurchase program. As of June 30, 2026, $146.5 million was available for stock repurchases under the program.
During the second quarter of 2026, the Company did not repurchase any shares of its common stock pursuant to the stock repurchase program. For the six months ended June 30, 2026, the Company repurchased 3,226,461 shares of its common stock on the open market at an average price of $11.07 per share, for a total cost of $35.7 million.
During the second quarter of 2025, the Company repurchased 2,926,152 shares of its common stock on the open market at an average price of $7.47 per share, for a total cost of $21.9 million.
For possible future repurchases, the actual timing, number, and nature of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions and may be conducted through negotiated transactions, open market repurchases or other means, including through Rule 10b-18 and Rule 10b5-1 trading plans or accelerated stock repurchases. The repurchase program does not obligate the Company to acquire any number of shares in any specific period, or at all, and the repurchase program may be amended, suspended or discontinued at any time at the Company's discretion.
Conference Call and Webcast Details
On Wednesday, August 5, 2026, Ecovyst management will review the second quarter 2026 results during a conference call and audio-only webcast scheduled for 11:00 a.m. Eastern Time.
Conference Call: Investors may listen to the conference call live via telephone by dialing 1 (800) 245-3047 (domestic) or 1 (203) 518-9765 (international) and use the participant code ECVTQ226.
Webcast: An audio-only live webcast of the conference call and presentation materials can be accessed at https://investor.ecovyst.com. A replay of the conference call/webcast will be made available at https://investor.ecovyst.com/events-presentations.
Investor Contact:
Gene Shiels
(484) 617-1225
gene.shiels@ecovyst.com
About Ecovyst Inc.
Ecovyst Inc. and subsidiaries is a leading provider of regenerated sulfuric acid, virgin sulfuric acid and sulfur dioxide and related derivatives, which we believe are essential to our customers' operations and processes.
Our family of virgin sulfuric acid products, regenerated sulfuric acid and related derivatives serve a wide range of industrial applications. We are a leading provider of regenerated sulfuric acid to the North American refining industry for the production of alkylate, an essential gasoline component for lowering vapor pressure and increasing octane to meet stringent gasoline specifications and fuel efficiency standards. We are a leading North American producer of high quality and high strength virgin sulfuric acid for industrial and mining applications. Through our Calabrian business, we are also a leading producer of sulfur dioxide and related derivatives in North America, serving key end uses including mining, water treatment and specialty chemical production. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry.
For more information, see our website at https://www.ecovyst.com.
Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S. generally accepted accounting principles ("GAAP") throughout this press release, the Company has provided non-GAAP financial measures — Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Income per share, Net Debt, Net Debt to Net Income Ratio and Net Debt Leverage Ratio (collectively, "Non-GAAP Financial Measures") — which present results on a basis adjusted for certain items. The Company uses these Non-GAAP Financial Measures for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that these Non-GAAP Financial Measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These Non-GAAP Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Company's financial results in accordance with GAAP. The use of the Non-GAAP Financial Measures terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These Non-GAAP Financial Measures are reconciled from the respective measures under GAAP in the attached appendix.
Note on Forward-Looking Statements
Some of the information contained in this press release constitutes "forward-looking statements." Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "projects" and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Examples of forward-looking statements include, but are not limited to, statements regarding our future results of operations, financial condition, capital expenditure projects, liquidity, prospects, growth, strategies, capital allocation program (including the stock repurchase program), product and service offerings, expected demand trends, the integration of our recently-acquired Calabrian business and the expected financial contributions relating to such acquisition and our 2026 financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing any undue reliance on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, including the enactment, schedule and impact of tariffs and trade disputes, currency exchange rates, military conflicts, the effects of inflation, our ability to successfully integrate the Calabrian sulfur dioxide and sulfur derivatives business into our business and realize the benefits of that acquisition and other factors, including those described in the sections titled "Risk Factors" and "Management's Discussion & Analysis of Financial Condition and Results of Operations" in our filings with the SEC, which are available on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
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June 30,
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Appendix Table A-1: Reconciliation of Net Income (Loss) From Continuing Operations to Adjusted EBITDA from Continuing Operations
June 30,
June 30,
(a)
Appendix Table A-2: Reconciliation of Net Income (Loss) From Continuing Operations and EPS to Adjusted Net Income and Adjusted Diluted Income per share(1)
The adjustments to net income (loss) from continuing operations are shown net of applicable tax rates of 25.8% and 23.9% for the six months ended June 30, 2026 and 2025, respectively, except for equity-based compensation and transaction and other related costs. The tax effect of equity-based compensation is derived by removing the tax effect of any equity-based compensation expense disallowed as a result of its inclusion within Section 162(m) of the Internal Revenue Code of 1986, as amended, and adjusting for the tax effect of equity-based compensation windfalls and shortfalls recorded as discrete items. The tax effect of transaction and other related costs is derived by excluding the tax impact of non-deductible transaction costs associated with the Calabrian Acquisition, which are reflected as discrete items within the income tax provision.
Appendix Table A-3: Adjusted Free Cash Flow
June 30,
Appendix Table A-4: Net Debt Leverage Ratio
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SOURCE Ecovyst Inc.
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