Ecovyst, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Reportable Segments (Tables)

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2025

Financial Information by Reportable Segment

Summarized financial information for the Company’s reportable segments is shown in the following table:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Sales:
Ecoservices	$	176,065	$	153,958	$	319,175	$	295,560
Advanced Materials & Catalysts(1)	24,063		28,862		43,151		47,797
Total	$	200,128	$	182,820	$	362,326	$	343,357

Adjusted EBITDA:(2)
Ecoservices	$	49,772	$	49,709	$	78,296	$	91,203
Advanced Materials & Catalysts(3)	13,717		14,717		31,221		25,846
Adjusted EBITDA from reportable segments	$	63,489	$	64,426	$	109,517	$	117,049

(1)The Company does not record its proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method as revenue and such sales are not consolidated within its results of operations. See Note 10 to these condensed consolidated financial statements for further information. The Company’s proportionate share of sales from the Zeolyst Joint Venture was $28,444 and $66,186 for the three and six months ended June 30, 2025, respectively. The Company’s proportionate share of sales from the Zeolyst Joint Venture was $29,024 and $52,505 for the three and six months ended June 30, 2024, respectively.

(2)The Company defines Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation below. Management evaluates the performance of its segments and allocates resources based on several factors, of which the primary measure is Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income as an indicator of the Company’s operating performance. Adjusted EBITDA as defined by the Company may not be comparable with EBITDA or Adjusted EBITDA as defined by other companies.

(3)The Adjusted EBITDA for the Company’s Advanced Materials & Catalysts segment reflects the Company’s 50% portion of the earnings from the Zeolyst Joint Venture that have been recorded as equity in net income in its condensed consolidated statements of income and includes Zeolyst Joint Venture adjustments on a proportionate basis based on the Company’s 50% ownership interest. For the three months ended June 30, 2025, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $5,722, which includes $1,928 of equity in net income plus $610 of amortization of investment in affiliate step-up and $3,184 of joint venture depreciation, amortization and interest. For the six months ended June 30, 2025, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $18,403, which includes $10,844 of equity in net income plus $1,220 of amortization of investment in affiliate step-up and $6,339 of joint venture depreciation, amortization and interest.

For the three months ended June 30, 2024, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $5,559, which includes $1,392 of equity in net income plus $940 of amortization of investment in affiliate step-up and $3,227 of joint venture depreciation, amortization and interest. For the six months ended June 30, 2024, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $12,486, which includes $3,464 of equity in net income plus $2,541 of amortization of investment in affiliate step-up and $6,481 of joint venture depreciation, amortization and interest.

The following tables reconcile sales to Adjusted EBITDA from reportable segments:


	Three months ended June 30, 2025
	Ecoservices		Advanced Materials & Catalysts		Total
Sales(1)	$	176,065	$	24,063	$	200,128
Less:(2)
Cost of goods sold	119,313		11,822
Selling, general and administrative expenses	6,776		3,934
Other segment items(3)	204		312
Add:
Adjusted EBITDA from the Zeolyst Joint Venture	—		5,722
Adjusted EBITDA from reportable segments	$	49,772	$	13,717	$	63,489

	Three months ended June 30, 2024
	Ecoservices		Advanced Materials & Catalysts		Total
Sales(1)	$	153,958	$	28,862	$	182,820
Less:(2)
Cost of goods sold	97,404		15,843
Selling, general and administrative expenses	6,861		3,764
Other segment items(3)	(16)		97
Add:
Adjusted EBITDA from the Zeolyst Joint Venture	—		5,559
Adjusted EBITDA from reportable segments	$	49,709	$	14,717	$	64,426

	Six months ended June 30, 2025
	Ecoservices		Advanced Materials & Catalysts		Total
Sales(1)	$	319,175	$	43,151	$	362,326
Less:(2)
Cost of goods sold	227,455		22,223
Selling, general and administrative expenses	13,212		7,834
Other segment items(3)	212		276
Add:
Adjusted EBITDA from the Zeolyst Joint Venture	—		18,403
Adjusted EBITDA from reportable segments	$	78,296	$	31,221	$	109,517



































	Six months ended June 30, 2024
	Ecoservices		Advanced Materials & Catalysts		Total
Sales(1)	$	295,560	$	47,797	$	343,357
Less:(2)
Cost of goods sold	190,970		26,984
Selling, general and administrative expenses	13,387		7,345
Other segment items(3)	—		108
Add:
Adjusted EBITDA from the Zeolyst Joint Venture	—		12,486
Adjusted EBITDA from reportable segments	$	91,203	$	25,846	$	117,049

(1) The Company does not record its proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method as revenue and such sales are not consolidated within its results of operations. See Note 10 to these condensed consolidated financial statements for further information. The Company’s proportionate share of sales from the Zeolyst Joint Venture was $28,444 and $66,186 for the three and six months ended June 30, 2025, respectively. The Company’s proportionate share of sales from the Zeolyst Joint Venture was $29,024 and $52,505 for the three and six months ended June 30, 2024, respectively.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. All lines exclude depreciation, amortization and other items as noted in the reconciliation below.

(3) Other segment items include other operating (income) expense, foreign currency exchange (gains) losses and other (income) expense.

Reconciliation of Net Income to Segment Adjusted EBITDA

The following table reconciles Adjusted EBITDA from reportable segments to income from continuing operations before income taxes:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Adjusted EBITDA from reportable segments	$	63,489	$	64,426	$	109,517	$	117,049
Less:
Interest expense, net	11,117		12,895		22,127		26,304
Depreciation and amortization	23,944		21,624		47,066		43,557
Unallocated corporate expenses	7,754		7,532		14,876		14,613
Joint venture depreciation, amortization and interest	3,184		3,227		6,339		6,481
Amortization of investment in affiliate step-up	610		940		1,220		2,541
Debt modification and extinguishment costs	—		4,560		960		4,560
Net loss (gain) on asset disposals	250		(34)		417		614
Foreign exchange (gain) loss	(24)		(99)		122		79
LIFO benefit	(356)		(1,547)		(1,176)		(2,671)
Transaction and other related costs	2,661		140		4,528		198
Equity-based compensation	3,395		3,827		6,467		7,507
Restructuring, integration and business optimization expenses	1,030		159		1,167		385
Other	1,874		(173)		1,503		(894)
Income before income taxes	$	8,050	$	11,375	$	3,901	$	13,775

Capital Expenditures for the Reportable Segments

Capital expenditures for the Company’s reportable segments are shown in the following table:


	Six months ended June 30,
	2025		2024
Capital expenditures:
Ecoservices	$	37,182	$	29,327
Advanced Materials & Catalysts(1)	7,679		4,200
Other(2)	4,664		3,122
Capital expenditures per the condensed consolidated statements of cash flows	$	49,525	$	36,649

(1) Excludes the Company’s proportionate share of capital expenditures from the Zeolyst Joint Venture.

(2) Includes corporate capital expenditures, the cash impact from changes in capital expenditures in accounts payable and capitalized interest.