Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 763

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 3
Chunk 763
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 2023 as previously reported and as revised.

Reconciliation of Net Income (Loss) to Adjusted EBITDATwelve Months Ended December 31, 2023In millionsAs previously reportedAs revisedNet income (loss) (GAAP)$(5.4)$(5.4)Interest expense93.3 93.3 Interest income(6.3)(6.3)Provision (benefit) for income taxes(4.7)(4.7)Depreciation and amortization122.8 122.8 Restructuring and other (income) charges, net 189.9 170.2 Acquisition and other-related costs4.5 4.5 Loss on CTO resales22.0 22.0 Gain on sale of strategic investment(19.3)(19.3)Adjusted EBITDA (Non-GAAP)$396.8 $377.1 

Adjusted EBITDA

Year Ended December 31, 2024, 2023 and 2022

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

40

Current Full Year Company Outlook vs. Prior Year

Net sales are expected to be between $1.3 billion and $1.4 billion for 2025. We expect growth in our Performance Materials reportable segment due to increased pricing on select products while global automotive production remains flat compared to the prior year. For our Performance Chemicals reportable segment, we expect the industrial specialties product line to deliver Net sales between $160 and $200 million, which reflects the impact of our repositioning actions to improve profitability by focusing on higher margin end markets, as well as continued weak industrial demand. Additionally, we expect our road technologies product line Net sales to improve compared to 2024 as adverse weather conditions experienced in key states within the U.S. negatively impacted 2024. Our Advanced Polymer Technologies reportable segment anticipates modest growth as industrial demand recovery will be tempered by continued competitive dynamics, particularly in Asia. 

Adjusted EBITDA is expected to be between $400 million and $415 million for 2025. We expect modest improvement in our Performance Materials reportable segment EBITDA, while maintaining segment EBITDA margins around 50 percent, as improved pricing and continued operational efficiencies will be muted by expected higher input costs, particularly energy, and