Company: NGVT
Filing Date: 2025-03-20
Form Type: DEFA14A
Source: 0001140361-25-009731
Chunk: 2

Company: Ingevity Corp
Filing Date: 2025-03-20
Form: DEFA14A
Chunk 2
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 agreements and diversified our raw material streams, enhancing our ability to better manage the cost and timing of key raw material purchases; |

| • | Exited lower margin, cyclical end markets in the Performance Chemicals segment, sharpening our focus on our higher value businesses; |

| • | Announced a comprehensive review of our portfolio and formal strategic alternatives process for a majority of our Industrial Specialties business and our North Charleston CTO refinery; and |

| • | Continued to enhance execution in Performance Materials and aligned the business to serve vehicles that require more advanced carbon technology. |

The Impact on our Business Our ability to execute these transformational changes swiftly and successfully across multiple fronts is a tribute to the entire Ingevity team. The positive impact on our business is being demonstrated in our financial results. In 2024, we delivered:

| • | Revenues of $1.4+ billion – the third highest year in our history |

| • | Adjusted EBITDA of $362+ million – at a 26% Adj. EBITDA margin – beating consensus by ~3% |

| • | Cost savings of $84 million – above an anticipated $65-75 million |

| • | Free cash flow of $51 million – well above prior guidance and facilitating the Company’s continued prioritization of debt reduction |

We expect further progress in 2025, as we project 10-14%adjustedEBITDA growth, free cash flow that is approximately 4-5xour 2024 level, additional cost savings of $10-25 millionand a reduction of our net debt ratio to less than 2.8x(from 3.5x at year-end 2024). Moreover, we are confident in our ability to continue to deliver stock price outperformance beyond the upward trajectory of Ingevity’s stock since we first announced our search for a new permanent CEO on October 3, 2024. Since that time, we have delivered 18% total stockholder returns, significantly outperforming the S&P 400 Chemicals Index and the broader market 1. 1TSR calculated based on stock price performance from 10/3/24 to 3/19/25 and assumes reinvestment of all dividends A key driver of our successful execution and continuing momentum has been the leadership of Luis Fernandez-Moreno, an Ingevity director who has served as interim CEO during this important period. As a director and interim CEO, Mr. Fernandez-Moreno has continued to