Company: NGVT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001653477-25-000108
Chunk: 128

Company: Ingevity Corp
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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4, the loss on CTO resales relates to the Performance Chemicals segment. Refer to Note 11 for more information.

(6) We exclude gains and losses from strategic investments from our segment results, as well as our non-GAAP financial measures, because we do not consider such gains or losses to be directly associated with the operational performance of the segment. We believe that the inclusion of such gains or losses, would impair the factors and trends affecting the historical financial performance of our reportable segments. We continue to include undistributed earnings or loss, distributions, amortization or accretion of basis differences, and other-than-temporary impairments for equity method investments that we believe are directly attributable to the operational performance of such investments, in our reportable segment results. Refer to Note 4 for more information.

(7) Charges represent legal and other professional service fees as well as incremental proxy solicitation costs related to a proxy contest. 

Adjusted EBITDA

Three and Six Months Ended June 30, 2025 vs. 2024

The factors that impacted adjusted EBITDA period to period are the same factors that affected earnings discussed in the Results of Operations and Segment Operating Results sections included within this MD&A. 

Current Full Year Company Outlook vs. Prior Year

We continue to closely monitor the evolving macroeconomic environment, including the impacts of recent tariffs and ongoing trade uncertainty. Despite these challenges, we are reaffirming our prior 2025 outlook for Net sales between $1.25 billion and $1.4 billion. 

This guidance reflects current industry forecasts, which project a ~4 percent decline in North America light vehicle production when compared to 2024. As a result, we expect Net sales in our Performance Materials reportable segment to be similar to prior year.  

In our Performance Chemicals reportable segment: 

•The road technologies product line is expected to see modest growth over 2024.

•The industrial specialties product line is projected to deliver Net sales between $160 million and $200 million.

For our Advanced Polymer Technologies reportable segment, we expect Net sales to be down mid-to-high single digits versus the prior year, reflecting weaker end-market demand due to the impact of tariffs and continued competitive pressures. 

Our Adjusted EBITDA outlook for 2025 has been revised to reflect improved profitability in Performance Chemicals and current forecasts of North America light vehicle production. We expect Adjusted EBITDA to be between $390 million and $415 million. 

Should the forecasted ~4 percent