Financial Information by Segment (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Segment operating results for the three months ended September 30, 2025 and 2024 are as follows:


	Rubber		Specialty		Corporate		Total
	(In millions)
2025
Net sales from external customers	$	290.9	$	160.0	$	—	$	450.9
Less:
Cost of Sales	237.9		127.4		—		365.3

Selling, general and administrative expenses	34.1		23.2		0.2		57.5
Loss (recovery) due to misappropriation of assets, net	—		—		(7.3)		(7.3)
Goodwill impairment	32.3		48.5		—		80.8
Other segment items	4.2		4.1		—		8.3

Add:
Equity in earnings of affiliated companies, net of tax	0.5		—		—		0.5
LTIP and other non-operating charges	1.8		1.7		0.2		3.7
Loss (recovery) due to misappropriation of assets, net	—		—		(7.3)		(7.3)
Goodwill impairment	32.3		48.5		—		80.8
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	19.1		14.6		—		33.7



Adjusted EBITDA	$	36.1	$	21.6	$	—	$	57.7

Capital expenditures	15.5		25.4		—		40.9


2024
Net sales from external customers	$	300.9	$	162.5	$	—	$	463.4
Less:
Cost of Sales	230.0		125.9		—		355.9

Selling, general and administrative expenses	35.9		21.7		0.3		57.9
Loss (recovery) due to misappropriation of assets, net	—		—		60.7		60.7
Other segment items	2.2		3.1		(1.1)		4.2

Add:
Equity in earnings of affiliated companies, net of tax	0.2		—		—		0.2
LTIP and other non-operating charges	1.6		2.9		(0.8)		3.7
Loss (recovery) due to misappropriation of assets, net	—		—		60.7		60.7
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	18.3		12.5		—		30.8



Adjusted EBITDA	$	52.9	$	27.2	$	—	$	80.1

Capital expenditures	23.7		24.2		—		47.9

Segment operating results for the nine months ended September 30, 2025 and 2024 are as follows:


	Rubber		Specialty		Corporate		Total
	(In millions)
2025
Net sales from external customers	$	916.2	$	478.8	$	—	$	1,395.0
Less:
Cost of Sales	739.3		373.6		—		1,112.9

Selling, general and administrative expenses	104.4		68.4		0.8		173.6
Loss (recovery) due to misappropriation of assets, net	—		—		(6.5)		(6.5)
Goodwill impairment	32.3		48.5		—		80.8
Other segment items	12.1		12.5		—		24.6

Add:
Equity in earnings of affiliated companies, net of tax	1.6		—		—		1.6
LTIP and other non-operating charges	4.6		4.6		0.8		10.0
Loss (recovery) due to misappropriation of assets, net	—		—		(6.5)		(6.5)
Goodwill impairment	32.3		48.5		—		80.8
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	59.2		38.0		—		97.2



Adjusted EBITDA	$	125.8	$	66.9	$	—	$	192.7
Assets	$	1,109.9	$	701.6	$	152.4	$	1,963.9
Capital expenditures	46.4		65.9		—		112.3


2024
Net sales from external customers	$	944.4	$	498.9	$	—	$	1,443.3
Less:
Cost of Sales	722.7		381.1		—		1,103.8

Selling, general and administrative expenses	113.5		65.5		0.7		179.7
Loss (recovery) due to misappropriation of assets, net	—		—		60.7		60.7
Other segment items	9.7		11.4		(1.1)		20.0

Add:
Equity in earnings of affiliated companies, net of tax	0.5		—		—		0.5
LTIP and other non-operating charges	5.3		5.3		(0.4)		10.2
Loss (recovery) due to misappropriation of assets, net	—		—		60.7		60.7
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	53.1		36.9		—		90.0



Adjusted EBITDA	$	157.4	$	83.1	$	—	$	240.5
Assets	$	1,101.5	$	730.5	$	164.3	$	1,996.3
Capital expenditures	68.2		67.5		—		135.7

A reconciliation of Income before earnings in affiliated companies and income taxes to Adjusted EBITDA for each of the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Income (loss) before earnings in affiliated companies and income taxes	$	(68.1)	$	(31.2)	$	(37.6)	$	38.3
LTIP and other non-operating charges	3.7		3.7		10.0		10.2
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	33.7		30.8		97.2		90.0
Loss (recovery) due to misappropriation of assets, net
Misappropriation of assets, net	(7.3)		59.2		(7.3)		59.2
Professional fees related to misappropriation of assets	—		1.5		0.8		1.5
Goodwill impairment	80.8		—		80.8		—
Equity in earnings of affiliated companies, net of tax	0.5		0.2		1.6		0.5
Interest and other financial expense, net	14.4		15.9		47.2		40.8

Adjusted EBITDA	$	57.7	$	80.1	$	192.7	$	240.5

LTIP and other non-operating charges include the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)



Long term incentive plan	$	3.7	$	4.8	$	10.0	$	11.3





Other non-operating	—		(1.1)		—		(1.1)
LTIP and other non-operating charges	$	3.7	$	3.7	$	10.0	$	10.2