Ecovyst Inc.

Previous wording

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 also a leading North American producer of high quality and high strength virgin sulfuric acid for industrial and mining applications. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry. As a result of the recent June 30, 2026 acquisition of the Calabrian sulfur dioxide and sulfur derivatives business (“Calabrian”), we expanded our product offering into the sulfur dioxide, sodium bisulfite, sodium thiosulfate and sodium metabisulfite product groups for mining, water treatment, energy and other specialty applications, including food and pharmaceuticals (see Note 8 for more information on this transaction).

Current wording

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 also a leading North American producer of high quality and high strength virgin sulfuric acid for industrial and mining applications. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry. As a result of the June 30, 2026 acquisition of the Calabrian sulfur dioxide and sulfur derivatives business (“Calabrian”), we expanded our product offering into the sulfur dioxide, sodium bisulfite, sodium thiosulfate and sodium metabisulfite product groups for mining, water treatment, energy and other specialty applications, including food and pharmaceuticals (see Note 8 for more information on this transaction).

Previous wording

On April 27, 2022, our Board of Directors (the “Board”) approved a stock repurchase program that authorized the Company to purchase up to $450.0 million of the Company’s common stock over the four-year period from the date of approval (the “Stock Repurchase Program”). On October 30, 2025, the Board amended the Stock Repurchase Program to remove the limitation that all repurchases must be made within the four-year period from the date of original approval. 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 excluding brokerage commissions and accrued excise tax. As of June 30, 2026, $146.5 million was available for share repurchases under the program.

Current wording

On April 27, 2022, our Board of Directors (the “Board”) approved a stock repurchase program that authorized the Company to purchase up to $450.0 million of the Company’s common stock over the four-year period from the date of approval (the “Stock Repurchase Program”). On October 30, 2025, the Board amended the Stock Repurchase Program to remove the limitation that all repurchases must be made within the four-year period from the date of original approval. For the nine months ended September 30, 2026, the Company repurchased 3,490,180 shares of its common stock on the open market at an average price of $11.01 per share, for a total cost of $38.4 million excluding brokerage commissions and accrued excise tax. As of September 30, 2026, $143.8 million was available for share repurchases under the program.

Previous wording

For the six months ended June 30, 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 excluding brokerage commissions and accrued excise tax.

Current wording

For the nine months ended September 30, 2025, the Company repurchased 3,536,364 shares of its common stock on the open market at an average price of $7.74 per share, for a total cost of $27.4 million excluding brokerage commissions and accrued excise tax.

Previous wording

Sales are made on both a purchase order basis and pursuant to long-term contracts. We continued to benefit from positive demand trends for our products and services in the majority of end uses we serve. Strong demand for refined products continued to support high refinery utilization rates, while more stringent gasoline standards and growing demand for premium gasoline to power higher-compression and turbo-charged engines continued to drive demand for alkylate and for our regenerated sulfuric acid product. In addition, demand for virgin sulfuric acid across a wide range of industrial applications, including mining, remained favorable.

Current wording

Sales are made on both a purchase order basis and pursuant to long-term contracts. We continued to benefit from positive demand trends for our products and services in the majority of end uses we serve. Strong demand for refined products continued to support high refinery utilization rates, while more stringent gasoline standards and growing demand for premium gasoline to power higher-compression and turbo-charged engines continued to drive demand for alkylate and for our regenerated sulfuric acid product. In addition, demand for virgin sulfuric acid and sulfur dioxide across a wide range of industrial applications, including mining, remained favorable.

Previous wording

•Sales increased $73.9 million to$250.0 million. The increase in sales primarily reflects higher average selling prices from the pass-through effect of higher sulfur costs, favorable contractual pricing for regenerated sulfuric acid and increased volume of virgin and regenerated sulfuric acid, including the contribution from the acquired Waggaman, Louisiana location, partially offset by lower pricing due to customer mix and the pass-through of lower variable freight costs.

Current wording

•Sales increased $103.7 million to$308.6 million. The increase in sales primarily reflects higher average selling prices from the pass-through effect of higher sulfur costs, favorable contractual pricing for regenerated sulfuric acid and increased volume of regenerated sulfuric acid, along with the contribution from the recently acquired Calabrian business, partially offset by lower pricing due to customer mix.

Previous wording

•Gross profit increased $9.6 million to $49.8 million. The increase in gross profit was primarily due to higher sales volume and favorable net pricing, offset by higher manufacturing costs.

Current wording

•Gross profit increased $6.6 million to $58.7 million. The increase in gross profit was primarily due to higher sales volume and favorable net pricing, partially offset by higher manufacturing costs.

Previous wording

•Operating income increased by $3.6 millionto$19.4 million. The increase in operating income reflects higher gross profit partially offset by higher other operating expense, net.

Current wording

•Operating income increased by $0.9 millionto$29.2 million. The increase in operating income reflects higher gross profit partially offset by higher selling, general and administrative expenses and higher other operating expense, net.

Previous wording

The following is our unaudited condensed consolidated statements of income and a summary of financial results for the three months ended June 30, 2026 and 2025:

Current wording

The following is our unaudited condensed consolidated statements of income (loss) and a summary of financial results for the three months ended September 30, 2026 and 2025:

Previous wording

Sales for the three months ended June 30, 2026 were $250.0 million, an increase of $73.9 million, or 42.0%, compared to sales of $176.1 million for the three months ended June 30, 2025. The increase in sales was due to higher average selling prices of $57.5 million, including the pass-through effect of higher sulfur costs of approximately $55 million, and higher overall sales volume of $16.4 million.

Current wording

Sales for the three months ended September 30, 2026 were $308.6 million, an increase of $103.7 million, or 50.6%, compared to sales of $204.9 million for the three months ended September 30, 2025. The increase in sales was due to higher average selling prices of $72.6 million, including the pass-through effect of higher sulfur costs of approximately $67 million, and higher overall sales volume of $31.1 million.

Previous wording

The increase in average selling prices primarily reflect the pass-through effect of higher sulfur costs and favorable contractual pricing for regenerated sulfuric acid, partially offset by customer mix and the pass-through of lower variable freight costs. 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, Louisiana location.

Current wording

The increase in average selling prices primarily reflects the pass-through effect of higher sulfur costs and favorable contractual pricing for regenerated sulfuric acid, partially offset by customer mix. The increase in sales volume was driven by higher sales of regenerated sulfuric acid from strong demand and less customer downtime, along with the contribution from the recently acquired Calabrian business.

Previous wording

Gross profit for the three months ended June 30, 2026 was $49.8 million, an increase of $9.6 million, or 23.9%, compared to $40.2 million for the three months ended June 30, 2025. The increase in gross profit was primarily driven by higher sales volume of $6.8 million, higher average selling prices of $2.5 million, exclusive of the approximately $55 million pass-through of higher sulfur costs, and $0.3 million of favorable overall variable and fixed manufacturing costs. The cost of sulfur is generally passed-through to customers at the same rate as incurred resulting in no net impact to gross profit.

Current wording

Gross profit for the three months ended September 30, 2026 was $58.7 million, an increase of $6.6 million, or 12.7%, compared to $52.1 million for the three months ended September 30, 2025. The increase in gross profit was primarily driven by higher sales volume of $15.3 million, higher average selling prices of $5.6 million, exclusive of the approximately $67 million pass-through of higher sulfur costs, partially offset by $14.3 million of unfavorable overall variable and fixed manufacturing costs. The cost of sulfur is generally passed-through to customers at the same rate as incurred resulting in no material impact to gross profit.

Previous wording

The higher average selling prices were driven primarily by favorable regenerated sulfuric acid contractual pricing, partially offset by customer mix and the pass-through of lower variable freight costs. The favorable manufacturing costs were driven by lower variable costs, including variable freight, partially offset by higher fixed manufacturing costs from the acquisition of the Waggaman, Louisiana location, general inflation and higher transportation costs.

Current wording

The higher average selling prices were driven primarily by favorable regenerated sulfuric acid contractual pricing, partially offset by customer mix. The unfavorable manufacturing costs were driven by higher fixed manufacturing costs from the recently acquired Calabrian business, higher total turnaround costs, general inflation and higher transportation costs.

Previous wording

Other operating expense, net for the three months ended June 30, 2026 was $13.0 million, an increase of $6.2 million, compared to $6.8 million for the three months ended June 30, 2025. The increase in other operating expense, net was primarily due to an increase in loss on disposal of assets of $2.0 million and transaction costs of $6.6 million, partially offset by a decrease in other costs of $2.4 million, primarily related to tax consulting professional fees.

Current wording

Other operating expense, net for the three months ended September 30, 2026 was $9.1 million, an increase of $1.0 million, compared to $8.1 million for the three months ended September 30, 2025. The increase in other operating expense, net was mainly driven by an increase in transaction costs of $0.4 million, restructuring and integration costs of $1.8 million, amortization of $1.3 million, and other costs of $0.4 million, partially offset by a decrease in loss on asset disposal $2.9 million.

Previous wording

Interest expense, net for the three months ended June 30, 2026 was$3.5 million, a decrease of$5.0 million, as compared to$8.5 million for the three months ended June 30, 2025. The decrease in interest expense, net was primarily due to the year over year lower outstanding debt during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.

Current wording

Interest expense, net for the three months ended September 30, 2026 was$6.2 million, a decrease of$2.4 million, as compared to$8.6 million for the three months ended September 30, 2025. The decrease in interest expense, net was primarily due to the year over year lower outstanding debt during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

Previous wording

The provision for income taxes for the three months ended June 30, 2026 was $4.2 million, compared to $2.0 million for the three months ended June 30, 2025. The effective income tax rate for the three months ended June 30, 2026 was 28.2%, compared to 28.7% for the three months ended June 30, 2025.

Current wording

The provision for income taxes for the three months ended September 30, 2026 was $4.5 million, compared to $20.2 million for the three months ended September 30, 2025. The effective income tax rate for the three months ended September 30, 2026 was 19.9%, compared to 99.1% for the three months ended September 30, 2025.

Previous wording

The Company's effective income tax rate was impacted by discrete tax items in both periods. For the three months ended June 30, 2026, discrete items primarily consisted of a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, and a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the acquisition. For the three months ended June 30, 2025, discrete items primarily consisted of a stock compensation tax shortfall, tax impacts associated with the Advanced Materials & Catalysts divestiture and state tax refunds related to prior tax years.

Current wording

The Company's effective income tax rate was impacted by discrete tax items in both periods. For the three months ended September 30, 2026, discrete items primarily consisted of non-deductible transaction costs associated with the Calabrian Acquisition, and the partial recognition of the purchase discount on the Clean Fuel Production Tax Credits. For the three months ended September 30, 2025, discrete items primarily consisted of a stock compensation tax shortfall, tax impacts associated with the Advanced Materials & Catalysts divestiture and state tax refunds related to prior tax years.

Previous wording

The difference between the U.S. federal statutory income tax rate and the Company’s effective income tax rate for the three months ended June 30, 2026 was primarily attributable to state and local taxes, a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, and a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the Calabrian Acquisition.

Current wording

The difference between the U.S. federal statutory income tax rate and the Company’s effective income tax rate for the three months ended September 30, 2026 was primarily attributable to state and local taxes, non-deductible transaction costs associated with the Calabrian Acquisition, and the partial recognition of the purchase discount on the Clean Fuel Production Tax Credits.

Previous wording

For the foregoing reasons, net income from continuing operations was $10.7 million for the three months ended June 30, 2026, compared to $5.0 million for the three months ended June 30, 2025.

Current wording

For the foregoing reasons, net income from continuing operations was $18.4 million for the three months ended September 30, 2026, compared to $0.2 million for the three months ended September 30, 2025.

Previous wording

Adjusted EBITDA for the three months ended June 30, 2026 was $53.1 million, an increase of $11.2 million, or 26.7%, compared to $41.9 million for the three months ended June 30, 2025.

Current wording

Adjusted EBITDA for the three months ended September 30, 2026 was $61.2 million, an increase of $3.7 million, or 6.4%, compared to $57.5 million for the three months ended September 30, 2025.

Previous wording

The increase in Adjusted EBITDA was primarily driven by higher sales volume and favorable net pricing, partially offset by higher planned fixed manufacturing costs. The higher virgin and regenerated sulfuric acid volume was driven by strong demand, less customer down-time, and contribution from the Waggaman, Louisiana location. Net pricing was favorable quarter over quarter, driven primarily by the beneficial contractual pricing for regenerated sulfuric acid. Higher fixed manufacturing costs were driven by the acquisition of the Waggaman, Louisiana location, general inflation and higher transportation costs.

Current wording

The increase in Adjusted EBITDA was primarily driven by higher sales volume and favorable net pricing, partially offset by higher planned fixed manufacturing costs. The higher sales volume was driven by higher sales of regenerated sulfuric acid as a result of strong demand, less customer down-time and the contribution from the recently acquired Calabrian business. Net pricing was favorable quarter over quarter, driven primarily by the beneficial contractual pricing for regenerated sulfuric acid. Higher fixed manufacturing costs were driven by the recently acquired Calabrian business, higher total turnaround costs, general inflation and higher transportation costs.

Previous wording

(1)We define Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation below. Our management evaluates the performance of our segment and allocates resources based on Adjusted EBITDA. Adjusted EBITDA does not represent cash flow for periods presented and should not be considered as an alternative to net income from continuing operations as an indicator of our operating performance or as an alternative to cash flows as a source of liquidity. Adjusted EBITDA may not be comparable with EBITDA or Adjusted EBITDA as defined by other companies.

Current wording

(1)We define Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation above. Our management evaluates the performance of our segment and allocates resources based on Adjusted EBITDA. Adjusted EBITDA does not represent cash flow for periods presented and should not be considered as an alternative to net income from continuing operations as an indicator of our operating performance or as an alternative to cash flows as a source of liquidity. Adjusted EBITDA may not be comparable with EBITDA or Adjusted EBITDA as defined by other companies.

Previous wording

The following is a summary of ourfinancial performance for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Current wording

The following is a summary of ourfinancial performance for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

•Sales increased $145.7 million to $464.9 million. The increase in sales primarily reflects higher average selling prices from the pass-through effect of higher sulfur costs, favorable contractual pricing for regenerated sulfuric acid and higher sales volume of regenerated and virgin sulfuric acid, including the contribution from the acquired Waggaman, Louisiana location.

Current wording

•Sales increased $249.5 million to $773.6 million. The increase in sales primarily reflects higher average selling prices from the pass-through effect of higher sulfur costs and favorable contractual pricing for regenerated sulfuric acid and higher sales volume of regenerated and virgin sulfuric acid, including the contribution from the acquired Waggaman, Louisiana location, and the contribution from the recently acquired Calabrian business.

Previous wording

•Gross profit increased $27.0 million to $86.3 million. The increase in gross profit was primarily due to higher sales volume and higher average selling prices.

Current wording

•Gross profit increased $33.6 million to $145.0 million. The increase in gross profit was primarily due to higher sales volume and higher average selling prices, partially offset by higher manufacturing costs.

Previous wording

•Operating income increased by $17.1 million to$31.9 million. The increase in operating income was due to an increase in gross profit, partially offset by higher selling, general and administrative expenses and other operating expense, net.

Current wording

•Operating income increased by $18.0 million to$61.1 million. The increase in operating income was due to an increase in gross profit, partially offset by higher selling, general and administrative expenses and other operating expense, net.

Previous wording

The following is our unaudited condensed consolidated statements of income and a summary of financial results for the six months ended June 30, 2026 and 2025:

Current wording

The following is our unaudited condensed consolidated statements of income (loss) and a summary of financial results for the nine months ended September 30, 2026 and 2025:

Previous wording

Sales for the six months ended June 30, 2026 were $464.9 million, an increase of $145.7 million, or 45.6%, compared to sales of $319.2 million for the six months ended June 30, 2025. The increase in sales reflects higher average selling prices of $97.2 million, including the pass-through effect of higher sulfur costs of approximately $87 million, and higher overall sales volume of $48.5 million.

Current wording

Sales for the nine months ended September 30, 2026 were $773.6 million, an increase of $249.5 million, or 47.6%, compared to sales of $524.1 million for the nine months ended September 30, 2025. The increase in sales reflects higher average selling prices of $169.8 million, including the pass-through effect of higher sulfur costs of approximately $154 million, and higher overall sales volume of $79.7 million.

Previous wording

Average selling prices were higher primarily due to the pass-through effect of higher sulfur costs 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 due to increased customer demand and the contribution of sales volume from the Waggaman location.

Current wording

Average selling prices were higher primarily due to the pass-through effect of higher sulfur costs 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 and the recently acquired Calabrian business.

Previous wording

Gross profit for the six months ended June 30, 2026 was $86.3 million, an increase of $27.0 million, or 45.5%, compared to $59.3 million for the six months ended June 30, 2025. The increase in gross profit was primarily driven by higher sales volume of $21.4 million and higher average selling prices of $10.2 million, exclusive of the approximately $87 million of higher sulfur costs, partially offset by higher overall variable and fixed manufacturing costs of $4.6 million, exclusive of the pass-through of sulfur costs. The cost of sulfur is generally passed-through to customers at the same rate as incurred resulting in no net impact to gross profit.

Current wording

Gross profit for the nine months ended September 30, 2026 was $145.0 million, an increase of $33.6 million, or 30.2%, compared to $111.4 million for the nine months ended September 30, 2025. The increase in gross profit was primarily driven by higher sales volume of $36.7 million and higher average selling prices of $15.8 million, exclusive of the approximately $154 million of higher sulfur costs, partially offset by higher overall variable and fixed manufacturing costs of $18.9 million, exclusive of the pass-through of sulfur costs. The cost of sulfur is generally passed-through to customers at the same rate as incurred resulting in no material impact to gross profit.

Previous wording

Selling, general and administrative expenses for the six months ended June 30, 2026 were $36.5 million, an increase of $2.4 million, compared to $34.1 million for thesix months ended June 30, 2025. The increase in selling, general and administrative expenses was mainly driven by an increase in stock compensation of $0.6 million, other compensation-related expenses of $1.2 million and other expenses of $0.6 million.

Current wording

Selling, general and administrative expenses for the nine months ended September 30, 2026 were $56.9 million, an increase of $7.1 million, compared to $49.8 million for the nine months ended September 30, 2025. The increase in selling, general and administrative expenses was mainly driven by an increase in stock compensation of $0.8 million, other compensation-related expenses of $3.7 million and other expenses of $2.6 million.

Previous wording

Other operating expense, net for the six months ended June 30, 2026 was$17.9 million, an increase of$7.5 million, comparedto $10.4 million for the six months ended June 30, 2025. The increase in other operating expense, net was mainly driven by an increase in transaction costs of $7.1 million, loss on disposal of assets of $2.2 million, partially offset by a decrease in other costs of $1.8 million primarily related to tax consulting professional fees.

Current wording

Other operating expense, net for the nine months ended September 30, 2026 was$27.0 million, an increase of$8.5 million, comparedto $18.5 million for the nine months ended September 30, 2025. The increase in other operating expense, net was mainly driven by an increase in transaction costs of $7.5 million, restructuring and integration costs of $1.8 million and amortization of $1.4 million, partially offset by a decrease in loss on asset disposal of $0.7 million and in other costs of $1.5 million primarily related to lower tax consulting professional fees.

Previous wording

Interest expense, net forthe six months ended June 30, 2026 was$6.6 million, a decrease of$10.2 million, as compared to$16.8 million for the six months ended June 30, 2025. The decrease in interest expense, net was primarily due to the year over year lower outstanding debt during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

Current wording

Interest expense, net forthe nine months ended September 30, 2026 was$12.9 million, a decrease of$12.4 million, as compared to$25.3 million for the nine months ended September 30, 2025. The decrease in interest expense, net was primarily due to the year over year lower outstanding debt during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.

Previous wording

Debt modification and extinguishment costs were $1.0 millionfor the six months ended June 30, 2026 and 2025.

Current wording

Debt modification and extinguishment costs were $1.0 millionfor the nine months ended September 30, 2026 and 2025.

Previous wording

On June 30, 2026, we amended our existing senior secured term loan facility to, among other things, (a) incur an additional $100 million first lien incremental term loan as a fungible increase to the existing initial term loans and (b) make certain other changes to the existing Term Loan Credit Agreement, as amended. The incremental term loan bears interest at the same variable rate as the initial term loans, which is, at the option of the borrowers, either Term SOFR plus 2.00% per annum or ABR plus 1.00% per annum, and has an identical amortization schedule, maturity date, and collateral. The net proceeds of the incremental term loan were used to finance the Calabrian Acquisition. We evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt. As a result, we recorded $1.0 million of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income for the three months ended June 30, 2026.

Current wording

On June 30, 2026, we amended our existing senior secured term loan facility to, among other things, (a) incur an additional $100 million first lien incremental term loan as a fungible increase to the existing initial term loans and (b) make certain other changes to the existing Term Loan Credit Agreement, as amended. The incremental term loan bears interest at the same variable rate as the initial term loans, which is, at the option of the borrowers, either Term SOFR plus 2.00% per annum or ABR plus 1.00% per annum, and has an identical amortization schedule, maturity date, and collateral. The net proceeds of the incremental term loan were used to finance the Calabrian Acquisition. We evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt. As a result, we recorded $1.0 million of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income (loss) for the nine months ended September 30, 2026.

Previous wording

On January 30, 2025, we amended our existing senior secured term loan facility to reduce the applicable interest rates. We evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt. As a result, we recorded $1.0 million of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income during the six months ended June 30, 2025.

Current wording

On January 30, 2025, we amended our existing senior secured term loan facility to reduce the applicable interest rates. We evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt. As a result, we recorded $1.0 million of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income (loss) during the nine months ended September 30, 2025.

Previous wording

Other expense, net for the six months ended June 30, 2026 was $0.1 million, compared to $0.3 million for the six months ended June 30, 2025.

Current wording

Other expense, net for the nine months ended September 30, 2026 was $0.1 million, compared to $0.3 million of other income, net for the nine months ended September 30, 2025.

Previous wording

The provision for income taxes for the six months ended June 30, 2026 was $7.8 million, compared to a benefit for income taxes of $0.2 million for the six months ended June 30, 2025. The effective income tax rate for the six months ended June 30, 2026 was 32.1%, compared to 6.6% for the six months ended June 30, 2025.

Current wording

The provision for income taxes for the nine months ended September 30, 2026 was $12.3 million, compared to $20.0 million for the nine months ended September 30, 2025. The effective income tax rate for the nine months ended September 30, 2026 was 26.2%, compared to 117.2% for the nine months ended September 30, 2025.

Previous wording

The Company's effective income tax rate for the six months ended June 30, 2026 and 2025 was impacted by discrete tax items in both periods. For the six months ended June 30, 2026, discrete items primarily consisted of a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, and a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the acquisition. For thesix months ended June 30, 2025, discrete items primarily consisted of a stock compensation tax shortfall, tax impacts associated with the Advanced Materials & Catalysts divestiture and state tax refunds related to prior tax years.

Current wording

The Company's effective income tax rate for the nine months ended September 30, 2026 and 2025 was impacted by discrete tax items in both periods. For the nine months ended September 30, 2026, discrete items primarily consisted of a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the acquisition, and the partial recognition of the purchase discount on the Clean Fuel Production Tax Credits. For the nine months ended September 30, 2025, discrete items primarily consisted of a stock compensation tax shortfall, tax impacts associated with the Advanced Materials & Catalysts divestiture and state tax refunds related to prior tax years.

Previous wording

The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the six months ended June 30, 2026 was primarily attributable to state and local taxes, a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, and a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the Calabrian Acquisition.

Current wording

The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the nine months ended September 30, 2026 was primarily attributable to state and local taxes, a stock compensation tax shortfall, non-deductible transaction costs associated with the Calabrian Acquisition, a benefit from the remeasurement of state deferred tax assets and liabilities resulting from changes in the Company's expected state apportionment profile following the Calabrian Acquisition, and the partial recognition of the purchase discount on the Clean Fuel Production Tax Credits.

Previous wording

For the foregoing reasons, net income from continuing operations was$16.4 million for the six months ended June 30, 2026, compared to a netloss from continuing operations of $3.1 million for the six months ended June 30, 2025.

Current wording

For the foregoing reasons, net income from continuing operations was$34.8 million for the nine months ended September 30, 2026, compared to a netloss from continuing operations of $2.9 million for the nine months ended September 30, 2025.