Company: NGVT
Filing Date: 2025-03-10
Form Type: PREC14A
Source: 0001308179-25-000061
Chunk: 1

Company: Ingevity Corp
Filing Date: 2025-03-10
Form: PREC14A
Chunk 1
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4, your Board of Directors initiated a search for a new chief executive officer and appointed me to serve as Interim CEO during the transition. This search is progressing well, and we are very pleased with the quality of candidates under consideration. We also further strengthened Ingevity’s executive team during the year with the addition of experienced manufacturing and chemical industry leaders: Terry Dyer as Senior Vice President and Chief Human Resources Officer, and Ryan Fisher as Senior Vice President, General Counsel and Corporate Secretary. Working alongside the Board and Ingevity team, we launched new strategic priorities last fall – execution excellence, reducing leverage, and portfolio optimization. I am proud of our employees’ focus and execution in each of these areas. On a consolidated basis, we delivered adjusted EBITDA* for fiscal 2024 of $363 million, exceeding analyst estimates, and improved EBITDA Margins* by 350 basis points to 25.8%. We realized a total of $84 million in cost savings in 2024 and generated $51 million of free cash flow* despite $200 million of cash outflows related to our repositioning actions. This enabled us to reduce debt and lower our leverage ratio in the second half of the year. Segment performance is also improving. Record year for Performance Materials In 2024, we delivered record performance in our Performance Materials segment for both sales and EBITDA. The fourth quarter of 2024 marked the sixth consecutive quarter of EBITDA margins surpassing 50%, driven by pricing and operational efficiency initiatives. We expect continued positive results in this business as ICE vehicles increasingly become more fuel-efficient and consumer preferences further trend toward hybrids. We are also making progress in developing new markets for our carbon technologies in silicon anode batteries through our investment in Nexeon. Transforming Performance Chemicals The increased EBITDA margins we reported for the Performance Chemicals segment in the second half of 2024 demonstrate our work to proactively manage this business by exiting lower margin cyclical end markets, reducing our physical footprint to optimize costs and diversifying our raw material stream. In addition, we addressed uneconomic long-term contracts, which previously hindered our ability to manage the cost and timing of key raw material purchases. *Reconciliation of these non-GAAP financial measures can be found in Appendix A.

| INGEVITY  |  2025 
 Proxy Statement   | 1 |

Message from our CEO Advanced Polymer Technologies demonstrating resiliency We achieved increased sales volumes in 2024 for the Advanced Polym