COMPASS MINERALS INTERNATIONAL INC
For the period ended Dec 8, 2025. Filed Dec 8, 2025.
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Dec 8, 2025 · Filed Dec 8, 2025
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EX-99.1 · Items Impacting Comparability
Items Impacting Comparability
Comparability of reported results for Compass Minerals was impacted by the performance of Fortress, the company's fire retardant business. It was announced in March 2025 that Compass Minerals was exiting this business. Non-cash gains related to the decline in value of the contingent consideration liability associated with the acquisition of Fortress were $7.9 million and $22.1 million, respectively, in 2025 and 2024.
The company's presentation of adjusted EBITDA adjusts for loss on impairments; changes in the valuation of the contingent consideration liability are not adjusted out of reported adjusted EBITDA consistent with accounting guidance. Given the significance of the adjustment to the reported periods and for ease of comparability, the following table is provided to present the impact to adjusted EBITDA for changes in the valuation of the contingent consideration liability. As the fair value of this liability is zero as of Sept. 30, 2025, the following reconciliation is not expected in future reporting periods.
| (in millions, except per share data) | Twelve Months Ended Sept. 30, | |
|---|---|---|
| 2025 | 2024 | |
| Adjusted EBITDA, as reported* | $198.8 | $206.3 |
| Impact of change in Fortress contingent consideration liability | (7.9) | (22.1) |
| Adjusted EBITDA, as modified | $190.9 | $184.2 |
*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release.
| Special Items Impacting the Three Months Ended Sept. 30, 2024(unaudited, in millions, except per share data) | ||||||
|---|---|---|---|---|---|---|
| Item Description | Segment | Line Item | Amount | Tax Effect(1) | After Tax | EPS Impact |
| Restructuring charges(2) | Corporate and Other | Other operating expense | $(1.4) | $— | $(1.4) | $(0.04) |
| Impairments | Plant Nutrition | Loss on impairments | 17.6 | — | 17.6 | 0.43 |
| Product recall costs | Salt | Other operating expense | 0.8 | (0.2) | 0.6 | 0.01 |
| Total | $17.0 | $(0.2) | $16.8 | $0.40 | ||
| Special Items Impacting the Fiscal Year Ended Sept. 30, 2025(unaudited, in millions, except per share data) | ||||||
|---|---|---|---|---|---|---|
| Item Description | Segment | Line Item | Amount | Tax Effect(1) | After Tax | EPS Impact |
| Restructuring charges(2) | Corporate and Other | Other operating expense | $4.0 | $— | $4.0 | $0.09 |
| Restructuring charges(2) | Salt | Other operating expense | 0.3 | — | 0.3 | 0.01 |
| Impairments | Corporate and Other | Loss on impairments | 53.7 | — | 53.7 | 1.30 |
| Product recall costs | Salt | Other operating expense | 2.1 | (0.4) | 1.7 | 0.03 |
| Total | $60.1 | $(0.4) | $59.7 | $1.43 | ||
| Special Items Impacting the Fiscal Year Ended Sept. 30, 2024(unaudited, in millions, except per share data) | ||||||
|---|---|---|---|---|---|---|
| Item Description | Segment | Line Item | Amount | Tax Effect(1) | After Tax | EPS Impact |
| Restructuring charges(2) | Corporate and Other | Other operating expense | $14.8 | $— | $14.8 | $0.36 |
| Restructuring charges(2) | Salt | Other operating expense | 0.4 | — | 0.4 | 0.01 |
| Restructuring charges(2) | Plant Nutrition | Other operating expense | 0.6 | — | 0.6 | 0.01 |
| Impairments | Corporate and Other | COGS and Loss on impairments | 124.8 | — | 124.8 | 3.02 |
| Impairments | Plant Nutrition | Loss on impairments | 68.6 | — | 68.6 | 1.66 |
| Product recall costs | Salt | Other operating expense | 0.8 | (0.2) | 0.6 | 0.01 |
| Total | $210.0 | $(0.2) | $209.8 | $5.07 | ||
(1) There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets The product recall costs reflects an impact from Canadian taxes.
(2) Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities. Amounts in the quarter ended Sept. 30, 2024, reflect the reversal of certain previously recognized costs related to the terminated lithium program after outstanding purchase commitments were finalized.
| Reconciliation for Adjusted Operating (Loss) Income(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Operating income (loss) | $12.0 | $(29.8) | $25.3 | $(116.8) |
| Restructuring charges(1) | — | (1.4) | 4.3 | 15.8 |
| Total impairment loss(2) | — | 17.6 | 53.7 | 193.4 |
| Product recall costs(3) | — | 0.8 | 2.1 | 0.8 |
| Adjusted operating income (loss) | $12.0 | $(12.8) | $85.4 | $93.2 |
| Sales | 227.5 | 208.8 | 1,243.9 | 1,117.4 |
| Operating margin | 5.3% | (14.3)% | 2.0% | (10.5)% |
| Adjusted operating margin | 5.3% | (6.1)% | 6.9% | 8.3% |
(1) During the fiscal year ended Sept. 30, 2025, the company incurred severance and related charges due to a reduction in workforce. During the fiscal year ended Sept. 30, 2024, the company incurred severance and related charges related to reductions in workforce, changes to executive leadership and additional restructuring costs related to the termination of our lithium development project.
(2) The company recorded impairment loss of $53.0 million for intangible assets and $0.7 million related to Fortress long-lived assets, during the 12 months ended Sept. 30, 2025. The company recognized impairments of long-lived assets of $74.8 million related to the termination of the lithium development project; goodwill of $32.0 million, long-lived assets of $15.6 million and inventory of $2.4 million related to Fortress; goodwill of $51.0 million related to Plant Nutrition; and water rights of $17.6 million for the fiscal year ended Sept. 30, 2024. Impairments of long-lived assets, intangible assets, and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations.
| Reconciliation for Adjusted Net (Loss) Income(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(7.2) | $(48.3) | $(79.8) | $(206.1) |
| Restructuring charges(1) | — | (1.4) | 4.3 | 15.8 |
| Total impairment loss(2) | — | 17.6 | 53.7 | 193.4 |
| Product recall costs(3) | — | 0.8 | 2.1 | 0.8 |
| Income tax effect | — | (0.2) | (0.4) | (0.2) |
| Adjusted net (loss) income | $(7.2) | $(31.5) | $(20.1) | $3.7 |
| Diluted net loss per common share | $(0.17) | $(1.17) | $(1.91) | $(4.99) |
| Adjusted net (loss) income per diluted share | $(0.17) | $(0.77) | $(0.48) | $0.08 |
| Weighted-average common shares outstanding (in thousands): | ||||
| Diluted | 42,019 | 41,369 | 41,828 | 41,306 |
(1) During the fiscal year ended Sept. 30, 2025, the company incurred severance and related charges due to a reduction in workforce. During the fiscal year ended Sept. 30, 2024, the company incurred severance and related charges related to reductions in workforce, changes to executive leadership and additional restructuring costs related to the termination of our lithium development project.
(2) The company recorded a loss on impairment of $53.0 million related to Fortress intangible assets and $0.7 million related to Fortress long-lived assets, during the 12 months ended Sept. 30, 2025. The company recognized an impairment of $17.6 million related to water rights for the three months ended Sept. 30, 2024. The company also recognized impairments of long-lived assets of $74.8 million related to the termination of the lithium development project; goodwill of $32.0 million related to Fortress, long-lived assets of $15.6 million and inventory of $2.4 million related to Fortress; and goodwill of $51.0 million related to Plant Nutrition for the 12 months ended Sept. 30, 2024. Impairments of long-lived assets, intangible assets, and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations.
| Reconciliation for EBITDA and Adjusted EBITDA(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(7.2) | $(48.3) | $(79.8) | $(206.1) |
| Interest expense | 17.3 | 19.1 | 68.5 | 69.5 |
| Income tax expense (benefit) | 3.2 | (2.5) | 26.1 | 17.9 |
| Depreciation, depletion and amortization | 26.7 | 26.6 | 103.2 | 105.0 |
| EBITDA | 40.0 | (5.1) | 118.0 | (13.7) |
| Adjustments to EBITDA: | ||||
| Stock-based compensation - non cash | 2.9 | 1.8 | 10.2 | 8.1 |
| Interest income | (0.4) | (0.2) | (1.3) | (1.0) |
| (Gain) loss on foreign exchange | (3.2) | 1.8 | (0.1) | 0.7 |
| Loss on extinguishment of debt | — | — | 7.6 | — |
| Restructuring charges(1) | — | (1.4) | 4.3 | 15.8 |
| Total impairment loss(2) | — | 17.6 | 53.7 | 193.4 |
| Product recall costs(3) | — | 0.8 | 2.1 | 0.8 |
| Other, net | 2.3 | 0.3 | 4.3 | 2.2 |
| Adjusted EBITDA | $41.6 | $15.6 | $198.8 | $206.3 |
(1) During the fiscal year ended Sept. 30, 2025, the company incurred severance and related charges due to a reduction in workforce. During the fiscal year ended Sept. 30, 2024, the company incurred severance and related charges related to reductions in workforce, changes to executive leadership and additional restructuring costs related to the termination of our lithium development project.
(2) The company recorded impairment loss of $53.0 million for intangible assets and $0.7 million related to Fortress long-lived assets, during the 12 months ended Sept. 30, 2025. The company recognized an impairment of $17.6 million related to water rights for the three months ended Sept. 30, 2024. The company also recognized impairments of long-lived assets of $74.8 million related to the termination of the lithium development project; goodwill of $32.0 million, long-lived assets of $15.6 million and inventory of $2.4 million related to Fortress; and goodwill of $51.0 million related to Plant Nutrition for the 12 months ended Sept. 30, 2024. Impairments of long-lived assets, intangible assets, and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations.
| Salt Segment Performance(in millions, except for sales volumes and prices per short ton) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Sales | $181.6 | $162.5 | $1,022.5 | $907.8 |
| Operating income | $21.5 | $21.0 | $145.9 | $163.6 |
| Operating margin | 11.8% | 12.9% | 14.3% | 18.0% |
| Adjusted operating income(1) | $21.5 | $21.8 | $148.3 | $164.8 |
| Adjusted operating margin(1) | 11.8% | 13.4% | 14.5% | 18.2% |
| EBITDA(1) | $40.0 | $37.3 | $216.8 | $227.0 |
| EBITDA(1) margin | 22.0% | 23.0% | 21.2% | 25.0% |
| Adjusted EBITDA(1) | $40.0 | $38.1 | $219.2 | $228.2 |
| Adjusted EBITDA(1) margin | 22.0% | 23.4% | 21.4% | 25.1% |
| Sales volumes (in thousands of tons): | ||||
| Highway deicing | 1,271 | 1,061 | 8,985 | 7,462 |
| Consumer and industrial | 436 | 449 | 1,863 | 1,852 |
| Total Salt | 1,707 | 1,510 | 10,848 | 9,314 |
| Average sales prices (per ton): | ||||
| Highway deicing | $71.59 | $70.98 | $71.53 | $73.23 |
| Consumer and industrial | $208.02 | $194.41 | $203.87 | $195.14 |
| Total Salt | $106.43 | $107.66 | $94.26 | $97.47 |
(1)Non-GAAP financial measure. Reconciliations follow in these tables.
| Reconciliation for Salt Segment Adjusted Operating Earnings(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Reported GAAP segment operating income | $21.5 | $21.0 | $145.9 | $163.6 |
| Restructuring charges(1) | — | — | 0.3 | 0.4 |
| Product recall costs(2) | — | 0.8 | 2.1 | 0.8 |
| Segment adjusted operating income | $21.5 | $21.8 | $148.3 | $164.8 |
| Segment sales | 181.6 | 162.5 | 1,022.5 | 907.8 |
| Segment adjusted operating margin | 11.8% | 13.4% | 14.5% | 18.2% |
(2) The company recorded product recall costs related to a recall for food-grade salt produced at its Goderich Plant.
| Reconciliation for Salt Segment EBITDA and Adjusted EBITDA(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Reported GAAP segment operating income | $21.5 | $21.0 | $145.9 | $163.6 |
| Depreciation, depletion and amortization | 18.5 | 16.3 | 70.9 | 63.4 |
| Segment EBITDA | $40.0 | $37.3 | $216.8 | $227.0 |
| Restructuring charges(1) | — | — | 0.3 | 0.4 |
| Product recall costs(2) | — | 0.8 | 2.1 | 0.8 |
| Segment adjusted EBITDA | $40.0 | $38.1 | $219.2 | $228.2 |
| Segment sales | 181.6 | 162.5 | 1,022.5 | 907.8 |
| Segment adjusted EBITDA margin | 22.0% | 23.4% | 21.4% | 25.1% |
(2) The company recorded product recall costs related to a recall for food-grade salt produced at its Goderich Plant.
| Plant Nutrition Segment Performance(in millions, except for prices per short ton) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Sales | $41.8 | $42.4 | $206.3 | $181.0 |
| Operating income (loss) | $6.2 | $(29.7) | $6.5 | $(86.4) |
| Operating margin | 14.8% | (70.0)% | 3.2% | (47.7)% |
| Adjusted operating (loss) income(1) | $6.2 | $(12.1) | $6.5 | $(17.2) |
| Adjusted operating margin(1) | 14.8% | (28.5)% | 3.2% | (9.5)% |
| EBITDA(1) | $13.5 | $(21.3) | $34.9 | $(52.3) |
| EBITDA(1) margin | 32.3% | (50.2)% | 16.9% | (28.9)% |
| Adjusted EBITDA(1) | $13.5 | $(3.7) | $34.9 | $16.9 |
| Adjusted EBITDA(1) margin | 32.3% | (8.7)% | 16.9% | 9.3% |
| Sales volumes (in thousands of tons) | 62 | 68 | 326 | 273 |
| Average sales price (per ton) | $670 | $623 | $634 | $663 |
(1)Non-GAAP financial measure. Reconciliations follow in these tables.
| Reconciliation for Plant Nutrition Segment Adjusted Operating Earnings(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Reported GAAP segment operating income (loss) | $6.2 | $(29.7) | $6.5 | $(86.4) |
| Restructuring charges(1) | — | — | — | 0.6 |
| Loss on impairment(2) | — | 17.6 | — | 68.6 |
| Segment adjusted operating income (loss) | $6.2 | $(12.1) | $6.5 | $(17.2) |
| Segment sales | 41.8 | 42.4 | 206.3 | 181.0 |
| Segment adjusted operating margin | 14.8% | (28.5)% | 3.2% | (9.5)% |
(2) The company recognized a water rights impairment during the three months ended Sept. 30, 2024 and goodwill impairment during the 12 months ended Sept. 30, 2024.
| Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA(unaudited, in millions) | ||||
|---|---|---|---|---|
| Three months endedSept. 30, | Twelve months endedSept. 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Reported GAAP segment operating income (loss) | $6.2 | $(29.7) | $6.5 | $(86.4) |
| Depreciation, depletion and amortization | 7.3 | 8.4 | 28.4 | 34.1 |
| Segment EBITDA | $13.5 | $(21.3) | $34.9 | $(52.3) |
| Restructuring charges(1) | — | — | — | 0.6 |
| Loss on impairment(2) | — | 17.6 | — | 68.6 |
| Segment Adjusted EBITDA | $13.5 | $(3.7) | $34.9 | $16.9 |
| Segment sales | 41.8 | 42.4 | 206.3 | 181.0 |
| Segment adjusted EBITDA margin | 32.3% | (8.7)% | 16.9% | 9.3% |
(2) The company recognized a water rights impairment during the three months ended Sept. 30, 2024 and goodwill impairment during the 12 months ended Sept. 30, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.