Financial Information by Segment

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Financial Information by Segment

Financial Information by Segment

Segment information

We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two operating segments as follows:

•Rubber Carbon Black—Used in the reinforcement of rubber in tires and mechanical rubber goods, and

•Specialty Carbon Black—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and other special applications.

Corporate includes income and expenses that cannot be directly allocated to the business segments or that are managed at the corporate level. This includes finance income and expenses, taxes and items with less bearing on the underlying core business.

Our operations are managed by senior executives who report to our Chief Executive Officer (“CEO”), who is our chief operating decision maker (“CODM”). Discrete financial information is available for each of our reportable segments. The CODM reviews segment Adjusted EBITDA and related segment operating results as drivers of Adjusted EBITDA to allocate resources and to assess operating results and financial performance. The CODM reviews changes in actual results compared to prior periods, forecasts, and operating objectives. Segment Adjusted EBITDA includes items management considers representative of the underlying performance of each segment.

Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define Adjusted EBITDA as Income from operations before depreciation and amortization, stock-based compensation, and non-recurring items (such as restructuring expenses, Loss (recovery) due to misappropriation of assets, net, Goodwill impairment, etc.) plus Earnings in affiliated companies, net of tax.

The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources.

Segment operating results for the three months ended June 30, 2026 and 2025 are as follows:

	Rubber		Specialty		Corporate		Total
	(In millions)
2026
Net sales from external customers	$	316.1	$	184.8	$	—	$	500.9
Less:
Cost of Sales	277.4		130.5		—		407.9
Selling, general and administrative expenses	36.3		26.3		0.1		62.7
Other segment items	4.2		3.9		0.9		9.0
Add:
Equity in earnings of affiliated companies, net of tax	0.2		—		—		0.2
LTIP and other non-operating charges	1.3		1.5		1.0		3.8
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	19.5		13.4		—		32.9
Adjusted EBITDA	$	19.2	$	39.0	$	—	$	58.2
Capital expenditures	4.6		20.8		—		25.4
2025
Net sales from external customers	$	308.3	$	158.1	$	—	$	466.4
Less:
Cost of Sales	242.5		125.5		—		368.0
Selling, general and administrative expenses	34.2		23.2		0.3		57.7
Other segment items	3.3		4.8		0.5		8.6
Add:
Equity in earnings of affiliated companies, net of tax	0.6		—		—		0.6
LTIP and other non-operating charges	1.0		2.3		0.8		4.1
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	19.0		13.0		—		32.0
Adjusted EBITDA	$	48.9	$	19.9	$	—	$	68.8
Capital expenditures	16.8		25.4		—		42.2

Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.

Segment operating results for the six months ended June 30, 2026 and 2025 are as follows:

	Rubber		Specialty		Corporate		Total
	(In millions)
2026
Net sales from external customers	$	605.9	$	354.5	$	—	$	960.4
Less:
Cost of Sales	531.2		257.0		—		788.2
Selling, general and administrative expenses	70.1		51.2		0.5		121.8
Other segment items	8.0		8.4		1.3		17.7
Add:
Equity in earnings of affiliated companies, net of tax	0.3		—		—		0.3
LTIP and other non-operating charges	1.9		2.0		1.8		5.7
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	39.4		26.2		—		65.6
Adjusted EBITDA	$	38.2	$	66.1	$	—	$	104.3
Assets	$	1,145.6	$	703.0	$	138.4	$	1,987.0
Capital expenditures	20.4		41.1		—		61.5
2025
Net sales from external customers	$	625.3	$	318.8	$	—	$	944.1
Less:
Cost of Sales	501.4		246.2		—		747.6
Selling, general and administrative expenses	70.3		45.2		0.6		116.1
Other segment items	7.9		8.4		0.8		17.1
Add:
Equity in earnings of affiliated companies, net of tax	1.1		—		—		1.1
LTIP and other non-operating charges	2.8		2.9		1.4		7.1
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	40.1		23.4		—		63.5
Adjusted EBITDA	$	89.7	$	45.3	$	—	$	135.0
Assets	$	1,130.3	$	765.5	$	129.1	$	2,024.9
Capital expenditures	30.9		40.5		—		71.4

Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Income before earnings in affiliated companies and income taxes	$	5.0	$	13.0	$	1.7	$	30.5
LTIP and other non-operating charges	3.8		4.1		5.7		7.1
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	32.9		32.0		65.6		63.5
Equity in earnings of affiliated companies, net of tax	0.2		0.6		0.3		1.1
Interest and other financial expense, net	16.3		19.1		31.0		32.8
Adjusted EBITDA	$	58.2	$	68.8	$	104.3	$	135.0

Long term incentive plan (“LTIP”) and other non-operating charges include the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Long term incentive plan	$	3.0	$	3.6	$	4.4	$	6.3
Other non-operating	0.8		0.5		1.3		0.8
LTIP and other non-operating charges	$	3.8	$	4.1	$	5.7	$	7.1