Here are 1-2 brief analogies to describe Ingevity:

• The **Johnson Matthey** for automotive evaporative emissions systems (the activated carbon canister).

• The **Archer Daniels Midland (ADM)** for pine-based specialty chemicals and industrial ingredients.

• Activated Carbon Solutions: Engineered carbon materials primarily used in automotive gasoline vapor emission control systems, as well as for air and water purification.
• Paving Technologies: Specialty chemicals designed to enhance the performance, durability, and sustainability of asphalt paving materials.
• Oilfield Technologies: Chemical solutions that improve efficiency and performance in various stages of oil and gas exploration and production.
• Pine-Derived Industrial Chemicals: A diverse range of specialty chemicals derived from renewable pine wood, serving applications in agrochemicals, coatings, adhesives, and lubricants.

Ingevity (symbol: NGVT) primarily sells its specialty chemicals and carbon materials to other companies (B2B).

According to Ingevity's SEC filings, including its 2023 Form 10-K, no single customer accounted for more than 10% of the company's net sales in 2023, 2022, or 2021. This indicates that Ingevity does not have any individually disclosed "major customers" that represent a significant concentration of its revenue.

However, based on its product segments and publicly available information, Ingevity's customer base can be broadly characterized by the following types of companies and industries:

• Automotive Original Equipment Manufacturers (OEMs):

  These companies are significant customers for Ingevity's Performance Materials segment, which provides activated carbon products primarily for gasoline evaporative emissions control systems in new vehicles. These systems are critical for meeting environmental regulations globally.

  While Ingevity does not name specific major OEM customers due to the lack of sales concentration, representative public companies in this category that would utilize such components include:

  • General Motors (GM)
  • Ford Motor Company (F)
  • Toyota Motor Corporation (TM)
  • Stellantis N.V. (STLA)
  • Honda Motor Co., Ltd. (HMC)

• Diverse Industrial and Chemical Companies across various sectors:

  Customers in Ingevity's Performance Chemicals segment purchase specialty chemicals used in a wide array of end-use applications and markets. This segment serves a highly diversified customer base rather than a few concentrated major buyers.

  These customers operate in industries such as:

  • Paving and Construction: For products like asphalt modifiers and concrete admixtures that enhance durability and performance.
  • Oilfield Services: Providing additives for drilling fluids, cementing, and production chemicals to improve operational efficiency.
  • Agrochemicals: Supplying dispersants and emulsifiers used in pesticide and herbicide formulations.
  • Adhesives, Coatings, and Inks: Offering specialty resins and binders that improve adhesion, flexibility, and other properties.
  • Lubricants: For specialty additives that enhance performance and longevity in industrial and automotive lubricants.
  • Homecare and Industrial Cleaning Products: Providing key ingredients for various cleaning formulations.

David H. Li President and CEO

Dave Li became President and CEO of Ingevity on April 7, 2025. Prior to joining Ingevity, he served as CEO, President, and a board member of CMC Materials, Inc. (formerly Cabot Microelectronics) from January 2015 to July 2022. CMC Materials, a global supplier of advanced materials for the semiconductor and energy industries, was sold to Entegris, Inc. in 2022. During his tenure at CMC Materials, the company delivered a four-fold return to stockholders and achieved record revenue and adjusted EBITDA margins. Before his CEO role, Li served as vice president of the Asia Pacific Region for CMC Materials from 2006 to 2015, and held various senior management positions in engineering, sourcing, investor relations, and corporate development between 1997 and 2006. He has over 25 years of experience in the specialty materials industry.

Mary Dean Hall Executive Vice President and Chief Financial Officer

Mary Dean Hall is the Executive Vice President and Chief Financial Officer at Ingevity, a role she assumed in April 2021. Her responsibilities include managing the finance organization, corporate development, investor relations, supply chain, and information technology. Before Ingevity, she was the chief financial officer and treasurer for Quaker Houghton from 2015 to April 2021. Prior to Quaker Houghton, Hall spent 20 years at Eastman Chemical Company, where she served as vice president and treasurer and held various other senior-level financial positions including controller and head of business finance. Earlier in her career, she held financial and banking positions with Nalco Chemical Company and several banks, including Citibank and First Chicago (now J.P. Morgan). She currently serves on the board of directors for Applied Industrial Technologies and on the Advisory Board for FM Global.

Rich White Senior Vice President and President, Performance Chemicals

Rich White is the Senior Vice President and President of Performance Chemicals at Ingevity. He joined Ingevity in 2019 as vice president of Industrial Specialties. Before Ingevity, he was a vice president within the DuPont Nutrition and Health business in Copenhagen, Denmark, from 2017 to 2019. White has extensive experience leading multinational teams, including 18 years with FMC Corporation, where he held roles such as general manager of health and nutrition for the Europe, Middle East, and Africa region, global sales director for health and nutrition, global procurement director, and marketing and sales director of the polymer and specialty lithium division. He also held positions at Arkema and PPG Industries.

Michael Shukov Senior Vice President and President, Advanced Polymer Technologies

Michael Shukov was appointed Senior Vice President and President, Advanced Polymer Technologies at Ingevity, effective March 12, 2025. He joined Ingevity from PPG Industries, where he spent over eight years, most recently as managing director of PPG Industrial Coatings, EMEA, until 2023. In this role, he led operational transformation, integrated multiple acquisitions, and drove strategic penetration of higher growth and higher margin markets. Throughout his career, Shukov has held leadership positions at global specialty chemicals companies including Solvay Group, Dow Chemical Company, and Rohm and Haas.

Ryan Fisher Senior Vice President, General Counsel and Corporate Secretary

Ryan Fisher is the Senior Vice President, General Counsel, and Secretary at Ingevity, overseeing the law and compliance, communications, government relations, and sustainability functions. He has an 18-year tenure with Ingevity and its predecessors, having held various leadership positions including vice president, deputy general counsel, and chief compliance officer, as well as interim general counsel and secretary, interim chief human resources officer, chief legal officer for Ingevity's Performance Chemicals segment, and assistant secretary. Before Ingevity's spin from WestRock Company in 2016, Fisher was associate general counsel at MeadWestvaco from 2006 to 2015. His prior experience also includes serving as an attorney with Edwards, Angell, Palmer & Dodge, LLP, and Cummings & Lockwood, LLC.

The key risks to Ingevity's business include global trade tensions and tariff policies, adverse conditions in the automotive market coupled with evolving air quality standards, and challenges related to raw material supply, cost volatility, and ongoing portfolio repositioning efforts.

1. Global Trade Tensions and Tariff Policies: Ingevity faces significant business risks due to changes in U.S. tariff policies and retaliatory tariffs from key trading partners like China. These developments can increase the cost of exporting products and importing raw materials, potentially forcing price increases, which may reduce customer demand. This risk is expected to severely impact the profitability of their Performance Materials and Performance Chemicals segments by lowering margins and decreasing demand for their products.
2. Adverse Conditions in the Automotive Market and Evolving Air Quality Standards: The company's Performance Materials segment, which focuses on automotive activated carbon products, is critically tied to the global automotive supply chain's pursuit of lower emissions standards. Adverse conditions in the automotive market, shifts in consumer preferences, or changes in worldwide air quality standards could significantly affect demand for these products. While hybrid vehicles continue to utilize Ingevity's technology, a long-term transition towards fully electric vehicles could pose a significant challenge to this core business segment.
3. Raw Material Supply, Cost Volatility, and Portfolio Repositioning Challenges: Ingevity's operations are exposed to the risk of limited supply or increased costs of essential raw materials, such as pine chemicals, which are byproducts of the papermaking process. Furthermore, the company is actively exploring strategic alternatives for its Advanced Polymer Technologies (APT) segment and Performance Chemicals Road Markings business, and has recently announced the sale of its Industrial Specialties business. While these actions aim to unlock long-term value, there are inherent risks related to the successful execution of these divestitures, the timing of such transactions, and whether the anticipated benefits will be fully realized. The company has also reported a significant non-cash goodwill impairment charge associated with the Advanced Polymer Technologies segment, highlighting past challenges within its portfolio.

Ingevity (symbol: NGVT) operates in several market segments. The addressable market sizes for their main products or services are as follows:

• Performance Materials (Activated Carbon): The global activated carbon market, which includes Ingevity's automotive gasoline vapor emission control products, was valued at approximately $6.25 billion in 2023 and grew to an estimated $7.17 billion in 2024. It is projected to reach $12.29 billion by 2028, with a compound annual growth rate (CAGR) of 14.4%. Other estimates suggest the global market was $6.6 billion in 2024 and is projected to reach $10.2 billion by 2029 at a CAGR of 9.3%. Ingevity's activated carbon is used in both gasoline and hybrid vehicles, with regulatory changes driving increased demand.

• Performance Chemicals (Road Technologies - Asphalt Additives): The global asphalt additive market, where Ingevity provides its Evotherm warm mix asphalt technologies, was estimated to be worth $4.48 billion in 2024. This market is projected to grow to $9.82 billion by 2035, exhibiting a CAGR of 7.4% between 2025 and 2035.

• Advanced Polymer Technologies and other Performance Chemicals (e.g., agrochemicals, paper chemicals, oilfield, lubricants, certain adhesives, bioplastics, coatings, elastomers): null

Ingevity (NGVT) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. Growth in Performance Materials Segment: The Performance Materials segment has demonstrated strong performance, with record sales and EBITDA in 2024, and continued sales growth in Q3 2025. This growth is primarily fueled by increased volumes, particularly from the automotive sector, driven by demand for more fuel-efficient internal combustion engine (ICE) vehicles and the rising popularity of hybrid vehicles. Ingevity is also expanding into new markets for its carbon technologies, including applications in silicon anode batteries.
2. Strategic Repositioning and Optimization of Performance Chemicals Segment: Ingevity is actively enhancing the profitability of its Performance Chemicals segment through strategic repositioning. This involves exiting lower-margin end markets and raw material supply contracts, as well as optimizing its manufacturing footprint. These actions are designed to improve overall profitability and contribute to sustained growth by focusing on higher-margin businesses within the segment.
3. Strong Demand in Road Technologies: Within the Performance Chemicals segment, the Road Technologies business has achieved record sales, particularly in its North American pavement operations. This indicates robust market demand and significant growth potential for Ingevity in this area.
4. Investments in Technology and Strategic Initiatives: The company is enhancing its market position by investing in cutting-edge technology and implementing strategic growth initiatives. These efforts are aimed at improving customer experience, streamlining operations, and maintaining a competitive edge in the specialty chemicals and materials industry.
5. Divestiture of Industrial Specialties Business: The planned sale of the Industrial Specialties business, anticipated to close by early 2026, will allow Ingevity to reallocate capital towards higher-value, less cyclical operations. This strategic refocusing is expected to accelerate margin improvement and contribute to revenue growth in its core, more profitable segments.

Share Repurchases

• In March 2020, Ingevity's board of directors approved an authorization for the repurchase of up to $500 million of its outstanding common stock.
• The company repurchased $139.2 million in shares year-to-date in 2022.
• In the third quarter of 2025, Ingevity repurchased $25 million in shares, with approximately $328 million remaining available under the authorization.

Outbound Investments

• In October 2022, Ingevity completed the acquisition of Ozark Materials for $325 million.
• During the third quarter of 2022, Ingevity made a $60 million investment in Nexeon, focusing on EV battery materials.
• The company has unfunded commitments of approximately $5.2 million associated with a venture capital fund investment, which began in the fourth quarter of 2022 and is anticipated to be paid over 10 years.

Capital Expenditures

• Capital expenditures are projected to be in the range of $50-70 million for the full-year 2025.
• Year-to-date capital expenditures were $67 million in the second quarter of 2025.
• In 2022, increased capital spending was attributed to growth initiatives.