ECVT

MKT CAP $1.1BP/E —DIV YIELD —FCF YIELD 6.71%REV TTM $869.3M +39.8%NET INCOME −$61.3MNET DEBT $405.2M52W 7.84 – 14.97SEC XBRL · TTM TO Invalid Date

How ECVT rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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(“Ecovyst” or the “Company”), formerly PQ Group Holdings Inc., was incorporated in Delaware on August 7, 2015.
We trace our roots to the late 1800s with our first sulfuric acid plant and the beginning of our oldest customer relationship.
Effective on December 31, 2025, we completed the sale of our Advanced Materials & Catalysts segment, which includes our investment in affiliated companies, Zeolyst International and Zeolyst C.V.
(collectively, the “Zeolyst Joint Venture”) to Technip Energies N.V. for a purchase price of $556.0 million, subject to certain adjustments set forth in the agreement.
We used $465.0 million of the net cash proceeds to partially repay the Senior Secured Term Loan Facility due June 2031.
The results of operations, financial condition and cash flows for the Advanced Materials & Catalysts business are presented herein as discontinued operations.
Our Company We are a leading integrated provider of virgin and regenerated sulfuric acid products and services.
We believe that our business contributes to improving the sustainability of the environment.
We are a leader in our business, holding what we estimate to be a number one or number two supply share position for products and services that generated more than 95% of our 2025 sales.
We believe that our footprint and efficient network of strategically located manufacturing and regeneration facilities provide us with a strong competitive advantage in serving our customers.
Our products and services typically represent a small portion of our customers’ overall end-product costs, yet are critical to their processes.
With our long history of customer partnerships and our reputation for providing reliable, quality products and services, we believe we deliver significant value to our customers, as demonstrated by our profit margins.
We are diversified by business application and end use.
In 2025, the majority of our sales were for applications that have historically had relatively predictable, consistent demand patterns associated with consumption and industrial processes.
As a result of our competitive strengths, we have generally maintained stable earnings and margins over time and through changing macro economic cycles.
In 2025, we served customers across many end uses and, as of December 31, 2025, operated out of nine strategically located manufacturing facilities.
Our Strategy We intend to capitalize on our strong business fundamentals and long-term customer partnerships to grow sales, maintain high margins, deploy capital efficiently and generate consistent free cash flow in order to create stockholder value.
We believe that our long history of operational excellence and proven reliability, longstanding customer relationships, a network of strategically located manufacturing facilities and consistent business execution developed from our industry experience positions us well to execute our business strategy.
Our Industry The products and services that we provide to our customers are often high value-add, even when they represent a small portion of our customers’ overall end product costs, and we believe we can continue to be successful by providing customers with quality products and reliable service.
We believe our customers value our geographic proximity to their operations and our plant network provides redundancy in capacity to serve their needs.
We believe the combination of attractive operating margins and generally predictable maintenance capital expenditure requirements improves our ability to generate attractive cash flows.
Our Product End Uses The table below summarizes our key end use applications and products, as well as the significant growth drivers in those applications.
Key End Uses Significant Growth Drivers Key Products Regeneration and Treatment Services • Increase gasoline octane in order to improve fuel efficiency while lowering vapor pressure and sulfur to regulated levels • Regenerated sulfuric acid • High industry utilization • Hazardous waste treatment services • Growing demand for applications in hazardous and non-hazardous waste Industrial, Mining & Automotive • Demand for metals and minerals for low carbon technologies and infrastructure • Virgin sulfuric acid for mining • Demand for a wide range of products including construction materials, auto, consumer goods, petrochemicals and chemicals • Virgin sulfuric acid derivatives for industrial production • Recovery in global oil drilling/U.S. copper production • Virgin sulfuric acid derivatives for nylon production Other • Growing demand for ex-situ catalyst activation to support traditional and sustainable fuels production • Catalyst activation • Improve lubricant characteristics to improve fuel efficiencies • Aluminum sulfate solution • Municipal and industrial water treatment • Ammonium bisulfite solution The table below summarizes sales for the years ended December 31, 2025, 2024 and 2023, respectively: December 31, 2025 December 31, 2024 December 31, 2023 Key End Uses Sales % of Sales Sales % of Sales Sales % of Sales (in millions, except percentages) Regeneration and Treatment Services $ 361.2 49.9 % $ 357.4 59.7 % $ 354.6 60.6 % Industrial, Mining & Automotive $ 327.9 45.3 % $ 206.9 34.6 % $ 200.4 34.3 % Other $ 34.4 4.8 % $ 34.0 5.7 % $ 29.8 5.1 % Total $ 723.5 $ 598.3 $ 584.8 Competitive Business Strengths Favorable Secular Growth Trends Across the Portfolio We focus on serving end use applications where we believe our competencies can create value and where significant growth potential exists.
Our products and services address our customers’ needs, which are typically driven by regulatory requirements or consumer preferences.
We design our products and services to address evolving customer needs.
Our business is well positioned to benefit from any related growth in demand for alkylate.
We also believe we have opportunities to displace other less environmentally friendly materials for industrial and consumer good applications.
We are the largest North American recycler of sulfuric acid and one of the largest consumers of refinery sulfur by-products, enabling them to be converted for use in other applications.
Leading Supply Positions We believe that we maintain a leading supply position, holding what we estimate to be the number one or two supply share position in 2025 for products that generated more than 95% of our sales.
We believe that our efficient network of strategically located, owned manufacturing facilities provides us with a strong competitive advantage in serving our customers, and that it would be costly for our competitors to replicate our network.
Long-Term, High Quality Customer Relationships We collaborate with leading multinational companies.
Our customers include large industrial companies.
We have long-term relationships with our top ten customers, based on 2025 sales, that average more than 50 years.
In addition, our customer base is diversified, with our top ten customers in 2025 representing approximately 61% of our sales for the year ended December 31, 2025, of which one customer had more than 10% of our total sales.
This customer represented 12% or $89 million of our sales during this period.
Most of our contracts feature minimum volume protection and/or quarterly price adjustments for items such as commodity inputs, labor, the Chemical Engineering Plant Cost Index and natural gas.
In 2025, approximately 90% of our sales occurred under contracts that included some form of raw material pass-through clause.
These price adjustments generally reflect our actual cost structure in producing sulfuric acid and tend to provide us with some protection against volatility in labor, fixed costs and raw material pricing.
In addition, we have long-term contracts and relationships with many of our key raw material suppliers.
Long-Term Customer Contracts Enhance Sales Predictability and Stability We partner with many of our customers under long-term contract agreements, 100% requirement arrangements.

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Gone since FY2024

(“Ecovyst” or the “Company”), formerly PQ Group Holdings Inc.
(“PQ Group Holdings”) was incorporated in Delaware on August 7, 2015.
We trace our roots to the late 1800’s with our first sulfuric acid plant and the beginning of our oldest customer relationship.
Our business has a history of innovation, enabling environmental improvements in areas such as fuel efficiency, sustainable fuels and the abatement of emissions from heavy-duty diesel engines, while improving the sustainability of our planet.
On August 1, 2021, we changed our name from “PQ Group Holdings Inc.” to “Ecovyst Inc.,” and changed the ticker symbol of our common stock listed on the New York Stock Exchange from “PQG” to “ECVT”.
On November 28, 2023, the Company renamed the “Catalyst Technologies” segment to "Advanced Materials & Catalysts”.
Effective on August 1, 2021, we completed the sale of our Performance Chemicals business to Sparta Aggregator L.P., a partnership with Koch Minerals & Trading, LLC and Cerberus Capital Management, L.P.
The results of operations, financial condition and cash flows for the Performance Chemicals business are presented herein as discontinued operations for the 2022 periods presented.
Table of Con ten ts Our Company We are a leading integrated and innovative global provider of advanced materials, specialty catalysts and services.
We believe that our products and services contribute to improving the sustainability of the environment.
Our value-added products seek to address global demand trends that are often either the subject of significant environmental and safety regulations or are driven by consumer preferences for more sustainable products, which provides us with high-margin growth opportunities.
We believe that our products contribute to lower emissions and cleaner air, higher fuel efficiency and cleaner fuels, and are key enablers to advance the global transition to clean energy.
Specifically, our products and solutions help companies in the production of sustainable fuels and help to produce vehicles with improved fuel efficiency and cleaner emissions.
We believe we are a leader in each of our business segments, holding what we estimate to be a number one or number two supply share position for products that generated more than 90% of our 2024 sales.
We believe that our global footprint and efficient network of strategically located manufacturing facilities provide us with a strong competitive advantage in serving our customers both regionally as well as globally.
Our products typically constitute a small portion of our customers’ overall end-product costs, yet are critical to product performance.
We believe, with our long history of customer partnerships and our reputation for providing reliable, quality products and solutions, our products deliver significant value to our customers, as demonstrated by our profit margins.
We have a long track record of innovation that is reflected in our technical and production expertise in silica, zeolites and catalyst technologies.
We are highly diversified by business, geography and end use.
In 2024, the majority of our sales were for applications that have historically had relatively predictable, consistent demand patterns driven by consumption or frequent replacement cycles.
As a result of our competitive strengths, we have generally maintained stable margins through changing macro economic cycles.
In 2024, we served global customers across many end uses and as of December 31, 2024, operated out of ten strategically located owned manufacturing facilities.
Our Strategy We intend to capitalize on our strong business fundamentals, sustainability driven innovation and customer partnerships to grow sales, maintain high margins, deploy capital efficiently and generate consistent free cash flow in order to create shareholder value.
We believe that our long history of operational excellence and proven reliability, technology leadership, strong customer relationships, innovation track record and consistent business execution developed from our industry experience positions us well to execute our business strategy.
Our Industry Our industry is characterized by a strong commitment to innovate and to develop enhanced performance and solutions that improve the environment, health and sustainability.
In turn, this drives Ecovyst to constantly develop new products and the need to support our customers with new product innovation and technical services.
Our innovation is strongly focused on customer partnerships.
We believe a key capability is our ability to go from laboratory to pilot to full scale production with both the speed and consistency required for our customers’ demand for our products.
The products and services that we sell to our customers are often high value-add, even when they represent a small portion of the overall end product costs, and we believe success can be achieved by helping customers improve their product performance, value and quality.
In addition, many products have relatively high switching costs, including the risk of quality failures, thus making it more beneficial for customers to work with incumbent producers.
In addition, the capital cost to expand existing capacity is typically significantly less than the capital cost necessary to build a new plant.
We believe the combination of attractive operating margins, growing end uses and generally predictable maintenance capital expenditure requirements improves our ability to generate attractive cash flows.
Table of Con ten ts Our Product End Uses The table below summarizes our key end use applications and products, as well as the significant growth drivers in those applications.
Key End Uses Significant Growth Drivers Key Products Clean Fuels, Emission Control & Other • Global regulatory requirements to: • Refining hydrocracking catalysts • Reduce sulfur from diesel and gasoline • Emission control catalysts • Remove nitrogen oxides from tailpipe emissions • Catalyst supports used in the production of sustainable fuels such as renewable diesel • Growing demand for sustainable fuels • Catalysts used in production of sustainable aviation fuels • Growing demand for ex-situ catalyst activation to support traditional and sustainable fuels production • Catalyst activation • Improve lubricant characteristics to improve fuel efficiencies • Aluminum sulfate solution • Municipal and industrial water treatment • Ammonium bisulfite solution Polyethylene, Polymers & Engineered Plastics • Demand for high-density polyethylene used for strengthening and light weighting components • Catalysts and catalyst supports for high-density polyethylene and chemicals syntheses • Demand for durable packaging • Antiblock for film packaging • Growing demand for recycling of materials • Catalyst for advanced recycling Regeneration and Treatment Services • Increase gasoline octane in order to improve fuel efficiency while lowering vapor pressure and sulfur to regulated levels • Sulfuric acid regeneration services • High industry utilization • Hazardous waste treatment services • Growing demand for applications in hazardous and non-hazardous waste Industrial, Mining & Automotive • Demand for metals and minerals for low carbon technologies and infrastructure • Virgin sulfuric acid for mining • Demand for a wide range of products including construction materials, auto, consumer goods, petrochemicals and chemicals • Virgin sulfuric derivatives for industrial production • Recovery in global oil drilling/U.S. copper production • Virgin sulfuric derivatives for nylon production Table of Con ten ts The table below summarizes sales for the years ended December 31, 2024, 2023 and 2022, respectively: December 31, 2024 December 31, 2023 December 31, 2022 Key End Uses Sales % of Sales Zeolyst JV Sales (1) % of Zeolyst JV sales (2) Sales % of Sales Zeolyst JV Sales (1) % of Zeolyst JV sales (2) Sales % of Sales Zeolyst JV Sales (1) % of Zeolyst JV sales (2) (in millions, except percentages) Clean Fuels, Emission Control & Other Ecovyst $ 34.0 5.0 % $ — — % $ 29.9 4.0 % $ — — % $ 29.0 4.0 % $ — — % Zeolyst Catalyst — — % 90.2 77.0 % — — % 127.0 81.0 % — — % 103.4 78.0 % Polyethylene, Polymers & Engineered Plastics Ecovyst $ 106.2 15.0 % $ — — % $ 106.2 15.0 % $ — — % $ 117.7 14.0 % $ — — % Zeolyst Catalyst — — % 26.3 23.0 % — — % 29.5 19.0 % — — % 29.2 22.0 % Regeneration and Treatment Services Ecovyst $ 357.4 51.0 % $ — — % $ 354.6 52.0 % $ — — % $ 342.6 42.0 % $ — — % Zeolyst Catalyst — — % — — % — — % — — % — — % — — % Industrial, Mining & Automotive Ecovyst $ 206.9 29.0 % $ — — % $ 200.4 29.0 % $ — — % $ 330.9 40.0 % $ — — % Zeolyst Catalyst — — % — — % — — % — — % — — % — — % Total $ 704.5 $ 116.5 $ 691.1 $ 156.5 $ 820.2 $ 132.6 (1) Represents 50% of the Zeolyst Joint Venture (the “Zeolyst Joint Venture” or “Zeolyst JV”) sales for each of the years ended December 31, 2024, 2023 and 2022, respectively.
Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Basis of Presentation” for a description of the treatment of the Zeolyst JV in our consolidated financial information.
(2) Percentage calculations are based on $116.5 million, $156.5 million and $132.6 million of sales attributable to the Zeolyst Joint Venture, which represents 50% of its total sales for each of the years ended December 31, 2024, 2023 and 2022, respectively.
Table of Con ten ts Competitive Business Strengths Favorable Secular Growth Trends Across the Portfolio We focus on serving end use applications where we believe our competencies can create value adding solutions and where significant growth potential exists.
Our products and services address our customers’ needs, which are typically driven globally by regulatory requirements, consumer preferences or sustainability trends.
We believe that our products and services incorporate innovative environmental, sustainability and safety solutions to address evolving customer demands, examples of which include the following: • Increased use of polyethylene-based plastics as a substitute for heavier and less versatile materials and increasing consumption of plastics is driving increased global demand for polyethylene production and also capacity expansions.
Further, we are seeing a shift towards silica-based technology, which we believe will drive growth for our Advanced Silicas product group within our Advanced Materials & Catalysts segment. • Acceleration of global commitments to increase the recycling of plastics.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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