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Here are 1-2 brief analogies to describe Ecovyst (ECVT):

• The Intel Inside for industrial processes, supplying the critical catalysts that enable plastic manufacturing and natural gas purification.
• Like Corning, but providing specialized catalysts and materials for industries ranging from plastics production to environmental purification.

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• Sulfuric Acid Regeneration Services: Regenerates spent sulfuric acid for petroleum refiners and other industries, enabling its reuse.
• Virgin Sulfuric Acid: Manufactures and supplies high-purity sulfuric acid for various industrial applications.
• Polyolefin Catalysts: Provides specialized catalysts essential for the production of polyethylene and polypropylene plastics.
• Emission Control Catalysts: Develops catalysts used to reduce harmful emissions from industrial processes and diesel engines.
• Silica-based Materials: Offers advanced silica products used as catalyst supports, chromatography media, and adsorbents in diverse industries.

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Ecovyst (ECVT) primarily sells its products and services to other companies (B2B model), rather than directly to individuals.

According to Ecovyst's public filings, including its most recent 10-K report for the fiscal year ended December 31, 2023, no single customer accounted for more than 10% of its consolidated net revenue for the years ended December 31, 2023, 2022, and 2021. Therefore, specific "major customers" by name are not individually disclosed as substantial revenue contributors requiring identification. Instead, Ecovyst serves a diverse customer base across various industries globally.

The primary categories of customer companies that Ecovyst serves include:

• Refining Companies: These customers utilize Ecovyst's sulfuric acid regeneration services and various catalysts in their petroleum refining processes, particularly for alkylation units.
• Petrochemical Companies: Customers in the petrochemical industry use Ecovyst's catalysts for the production of a wide range of basic chemicals and intermediates.
• Chemical Manufacturers: This broad category includes companies producing specialty chemicals and other industrial chemicals that rely on Ecovyst's catalysts and chemical products.
• Companies in the Emissions Control Sector: Ecovyst supplies catalysts used in systems designed to reduce emissions from automotive, industrial, and other sources.

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Kurt J. Bitting, Chief Executive Officer and Director

Mr. Bitting was named Chief Executive Officer and a Director of Ecovyst in April 2022. He has over 20 years of leadership experience in the chemicals and energy services industries. He joined Ecovyst's Ecoservices segment in 2006 when it was part of Rhodia, serving as Vice President, Business Director, and Sulfur Products Manager. Mr. Bitting led significant growth within Ecoservices and played a key role in its divestiture from Solvay and subsequent merger with PQ Corp. Prior to joining Ecoservices, he held management positions at Kinder Morgan, Inc. and Sprint Corporation. He also served as a Company Commander in the U.S. Army's 10th Mountain Division. Ecovyst itself was formed following a strategic separation from its parent company, PQ Group Holdings Inc., which was previously backed by CCMP Capital Advisors.

Michael Feehan, Chief Financial Officer

Mr. Feehan was appointed Vice President, Chief Financial Officer in August 2021. He first joined PQ Corporation in December 2006 and served as Corporate Controller from 2008 to 2016, and then as Vice President of Finance and Treasurer from May 2016 until his CFO appointment. Before joining PQ, Mr. Feehan was the Director of Finance and Corporate Controller for Radnor Holdings Corporation. He began his career in public accounting with Arthur Andersen and KPMG.

Joseph S. Koscinski, Chief Administrative Officer, Vice President, Secretary and General Counsel

Mr. Koscinski became Vice President, Secretary and General Counsel in November 2015. From August 1995 to October 2015, he was an attorney and shareholder in the environmental law practice of Babst, Calland, Clements and Zomnir, P.C., a law firm where his practice included mergers and acquisitions, real estate matters, and commercial contracts.

Kara Thornton, Vice President and Chief Human Resources Officer

Kara Thornton has a long and successful career in human resource management. Before joining Ecovyst, she was the Senior Vice President of HR at Neuronetics. Her career also includes significant HR roles at Sun Pharmaceutical Industries, DSM North America, Johnson & Johnson, Bayer Healthcare, and Sankyo Pharma.

Paul Whittleston, President of Advanced Materials & Catalysts

Paul Whittleston has an extensive international career in the chemical industry. His prior experience includes leadership positions with companies such as Allied Colloids, CIBA Specialty Chemicals, BASF Corporation, TI Fluid Systems, and SI Group.

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Key Risks to Ecovyst (ECVT)

1. Strategic Review and Sale of Advanced Materials & Catalysts Business: Ecovyst's Board of Directors initiated a strategic review of its Advanced Materials & Catalysts (AM&C) business, announced on December 2, 2024. While an agreement to sell the Advanced Materials & Catalyst segment to Technip Energies was announced on September 11, 2025, the strategic review process itself created significant uncertainty. This process had the potential for financial and operational strain, business disruptions, employee distractions, increased volatility, and potential litigation, all of which could adversely affect the company's overall performance and stock price stability. The successful completion of the sale, including regulatory approvals and integration aspects, will be a critical event that reshapes Ecovyst's business and financial profile.
2. High Debt Levels: Ecovyst carries substantial debt, with net debt reported between approximately $722.5 million and $883.8 million as of March 2025. This level of debt, particularly in relation to its market capitalization, suggests that shareholders should closely monitor the company's financial leverage. High debt can limit financial flexibility, and a scenario where lenders demand the company strengthen its balance sheet could lead to significant shareholder dilution. Furthermore, interest expenses have negatively impacted returns, and a decline in earnings before interest and taxes (EBIT) could make managing the debt burden more challenging.
3. Market Conditions for Renewable Fuels and Polyethylene Catalysts: Ecovyst faces challenges due to supply and demand imbalances in the renewable fuels market, which are expected to affect near-term sales of its catalyst materials. Additionally, a global surplus in polyethylene production capacity has negatively impacted utilization rates for polyethylene producers, thereby affecting sales of polyethylene catalysts, which are consumed in the production process. The company recognized a non-cash impairment charge of $65 million on its investment in the Zeolyst Joint Venture, primarily attributed to the demand outlook for catalyst materials used in emission control applications and the production of sustainable fuels. These market dynamics pose a risk to the growth and profitability of key segments of Ecovyst's business.

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The accelerating global energy transition, characterized by the rapid adoption of electric vehicles and increasing regulatory and consumer shifts away from fossil fuels, poses a significant emerging threat to Ecovyst's core business segments reliant on traditional petroleum refining. This trend is expected to lead to a long-term decline in demand for gasoline and diesel, directly impacting the market for Ecovyst's Fluid Catalytic Cracking (FCC) and hydrocracking catalysts.

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Ecovyst (ECVT) operates primarily in two business segments: Ecoservices and Advanced Materials & Catalysts. The Advanced Materials & Catalysts segment, however, is being sold to Technip Energies, with the transaction anticipated to close in the first quarter of 2026.

Ecoservices

Ecoservices provides sulfuric acid recycling to the North American refining industry and supplies virgin sulfuric acid for applications in water treatment, mining, and other industrial uses. Information regarding the specific addressable market size for sulfuric acid recycling services to the North American refining industry or the market for virgin sulfuric acid in water treatment, mining, and general industrial applications is not available in the provided search results.

Advanced Materials & Catalysts (To be divested in Q1 2026)

This segment includes Advanced Silicas and the Zeolyst Joint Venture.

• Specialty Silicas: Ecovyst supplies finished silica catalysts, catalyst supports, and functionalized silicas used in the production of high-performing plastics and sustainable chemistry.
  • The global specialty silica market was valued at approximately USD 6.79 billion in 2023 and is projected to reach USD 12.69 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period (2025-2032).
  • Another estimate places the global specialty silica market at USD 7,292.4 million in 2025, expected to grow to USD 10,965.1 million by 2032, with a CAGR of 6% from 2025 to 2032.
  • The North American specialty silica market holds a 21.2% share in 2025 and is considered the largest and fastest-growing region. The United States accounts for the majority of the specialty silica market in North America.
• Zeolyst Joint Venture (Specialty Zeolites): Through its Zeolyst joint venture, Ecovyst supplies specialty zeolites. These are utilized in catalysts that support the production of sustainable fuels, remove nitrogen oxides from diesel engine emissions, and are broadly applied in refining and petrochemical processes. Information on the specific addressable market size for these zeolite catalyst applications is not available in the provided search results.

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• Increased Sales Volume in Regeneration Services and Virgin Sulfuric Acid: Ecovyst anticipates higher sales volumes for both regeneration services and virgin sulfuric acid within its Ecoservices segment. This growth is supported by expectations of continued high refinery utilization and seasonally stronger demand for regeneration services.
• Favorable Contractual Pricing: The company expects favorable contractual pricing for its regeneration services and virgin sulfuric acid to contribute to increased sales and adjusted EBITDA. This positive pricing trend has been noted in recent financial reporting.
• Contribution from Waggaman Sulfuric Acid Assets Acquisition: The acquisition of the Waggaman sulfuric acid assets is expected to positively contribute to the sales of the Ecoservices segment, with more material incremental adjusted EBITDA contributions anticipated beginning in 2026, following integration and upgrading efforts.
• Strong Demand from the Mining Sector: Ecovyst projects strong demand from the mining sector for virgin sulfuric acid, which is seen as a long-term growth driver for Ecoservices' revenue and margin expansion. The company has already benefited from expansion projects with existing customers in this sector.

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Share Repurchases

• Ecovyst's Board of Directors approved a stock repurchase program in April 2022, authorizing the repurchase of up to $450 million of outstanding common stock. The expiration date of this program was removed in October 2025.
• As of September 30, 2025, approximately $202.2 million remained available for stock repurchases under the program.
• In 2023, the company repurchased 7,541,494 shares for a total of $78.7 million, including $43.5 million for 4,000,000 shares in May 2023 related to a secondary offering. During Q2 2025, Ecovyst repurchased $21.9 million of common stock, and in Q3 2025, $5.5 million was repurchased. The company intends to repurchase up to $20 million in Q4 2025.

Share Issuance

• During the nine months ended September 30, 2025, Ecovyst granted 985,551 Restricted Stock Units (RSUs) under its equity incentive plan.

Outbound Investments

• Ecovyst entered into an agreement to sell its Advanced Materials & Catalysts segment to Technip Energies for $556 million, with anticipated net proceeds of approximately $530 million after taxes and expenses. This transaction is expected to close in Q1 2026.
• In Q2 2025, Ecovyst completed the acquisition of Cornerstone Chemical's sulfuric acid production assets in Waggaman, Louisiana, for $35.0 million, with a total cash outlay of $41.3 million including customary working capital adjustments.
• In 2021, the company acquired Chem32 LLC for $42.6 million.

Capital Expenditures

• For the full year 2025, capital expenditures for continuing operations (Ecoservices) are expected to be between $60 million and $70 million. Capital expenditures for the nine months ended September 30, 2025, totaled $51.596 million.
• Anticipated capital expenditures for the full year 2024 were in the range of $70 million to $80 million. Actual capital expenditures were $78.8 million in 2023 and $75.4 million in 2022.
• Capital expenditures are focused on driving organic growth, enhancing operational efficiency, and increasing network capacity through strategic investments such as the Kansas City expansion (finishing in 2025) and ongoing projects at Houston and Waggaman, particularly for copper-related applications and polyethylene catalyst production.