What changed in this filing

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Item 1. Business

2025-02-28 compared with 2024-02-29 · 126 added, 93 removed, 364 unchanged (38% of the section changed)

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Our business has a history of innovation, enabling environmental improvements in areas such as fuel efficiency, sustainable fuels and the abatement of emissions from heavy-duty diesel engines, while improving the sustainability of our planet.

On May 4, 2016, we consummated a series of transactions (the “Business Combination”) to reorganize and combine the then-existing businesses with Eco Services Operations LLC under a new holdings company, then called PQ Group Holdings.

On October 3, 2017, we completed our initial public offering (“IPO”).

On December 14, 2020, we completed the sale of our Performance Materials business to Potters Buyer, LLC, an affiliate of The Jordan Company, L.P.

Effective on August 1, 2021, we completed the sale of our Performance Chemicals business to Sparta Aggregator L.P., a partnership with Koch Minerals & Trading, LLC and Cerberus Capital Management, L.P.

The results of operations, financial condition, and cash flows for the Performance Materials and Performance Chemicals businesses are presented herein as discontinued operations for the 2022 and 2021 periods presented.

Refer to Note 4 to our consolidated financial statements for additional information.

Our common stock is listed on the New York Stock Exchange under the stock ticker “ECVT”.

On August 1, 2021, we changed our name from “PQ Group Holdings Inc.” to “Ecovyst Inc.,” changed the ticker symbol of our common stock listed on the New York Stock Exchange from “PQG” to “ECVT”.

On August 1, 2021, we changed our name from “PQ Group Holdings Inc.” to “Ecovyst Inc.,” and changed the ticker symbol of our common stock listed on the New York Stock Exchange from “PQG” to “ECVT”.

On November 28, 2023, the Company renamed the “Catalyst Technologies” segment to "Advanced Materials & Catalysts”.

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and our subsidiaries.

The results of operations, financial condition and cash flows for the Performance Chemicals business are presented herein as discontinued operations for the 2022 periods presented.

Refer to Note 4 to our consolidated financial statements for additional information.

Table of Con ten ts

We are a leading integrated and innovative global provider of advanced materials, specialty catalysts and services.

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Our value-added products seek to address global demand trends that are often either the subject of significant environmental and safety regulations or are driven by consumer preferences for more sustainable products, which provides us with high-margin growth opportunities.

We believe that our products contribute to lower emissions and cleaner air, higher fuel efficiency and cleaner fuels, and key enablers to advance the global transition to clean energy.

We believe that our products contribute to lower emissions and cleaner air, higher fuel efficiency and cleaner fuels, and are key enablers to advance the global transition to clean energy.

Specifically, our products and solutions help companies in the production of sustainable fuels and help to produce vehicles with improved fuel efficiency and cleaner emissions.

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Our products typically constitute a small portion of our customers’ overall end-product costs, yet are critical to product performance.

We believe, with our long history of customer partnerships and our reputation for providing reliable, quality of products and solutions, our products deliver significant value to our customers, as demonstrated by our profit margins.

We believe, with our long history of customer partnerships and our reputation for providing reliable, quality products and solutions, our products deliver significant value to our customers, as demonstrated by our profit margins.

We have a long track record of innovation that is reflected in our technical and production expertise in silica, zeolites and catalyst technologies.

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As a result of our competitive strengths, we have generally maintained stable margins through changing macro economic cycles.

In 2023, we served global customers across many end uses and as of December 31, 2023, operated out of ten strategically located manufacturing facilities.

In 2024, we served global customers across many end uses and as of December 31, 2024, operated out of ten strategically located owned manufacturing facilities.

We intend to capitalize on our strong business fundamentals, sustainability driven innovation and customer partnerships to grow sales, maintain high margins, deploy capital efficiently and generate consistent free cash flow in order to create shareholder value.

We believe that our long history of operational excellence and proven reliability, technology leadership, strong customer relationships, innovation track record and consistent business execution developed from our industry experience positions us well to execute our business strategy.

Our industry is characterized by a strong commitment to innovate and to develop enhanced performance and solutions that improve environmental, health and sustainability.

Our industry is characterized by a strong commitment to innovate and to develop enhanced performance and solutions that improve the environment, health and sustainability.

In turn, this drives Ecovyst to constantly develop new products and the need to support our customers with new product innovation and technical services.

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We believe a key capability is our ability to go from laboratory to pilot to full scale production with both the speed and consistency required for our customers’ demand for our products.

Products that we sell to our customers are often high value-add, even when they represent a small portion of the overall end product costs, and we believe success can be achieved by helping customers improve their product performance, value and quality.

The products and services that we sell to our customers are often high value-add, even when they represent a small portion of the overall end product costs, and we believe success can be achieved by helping customers improve their product performance, value and quality.

We believe many of the end uses that we serve are generally more resilient to economic cycles, minimizing extreme fluctuations in demand.

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We believe the combination of attractive operating margins, growing end uses and generally predictable maintenance capital expenditure requirements improves our ability to generate attractive cash flows.

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Our Product End Uses

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• Refining hydrocracking catalysts

• Reduce sulfur from diesel and gasoline • Emission control catalyst supports

• Reduce sulfur from diesel and gasoline • Emission control catalysts

• Remove nitrogen oxides from tailpipe emissions • Catalyst supports used in the production of sustainable fuels such as renewable diesel

• Growing demand for sustainable fuels • Catalyst used in the production of sustainable aviation fuels

• Growing demand for ex-situ catalyst activation to support traditional and sustainability fuels production • Catalyst activation

• Growing demand for sustainable fuels • Catalysts used in production of sustainable aviation fuels

• Growing demand for ex-situ catalyst activation to support traditional and sustainable fuels production • Catalyst activation

• Improve lubricant characteristics to improve fuel efficiencies • Aluminum sulfate solution

• Municipal and industrial water treatment • Ammonium bisulfite solution

Polyethylene, Polymers & Engineered Plastics • Demand for high-density polyethylene used for strengthening and light weighting components • Catalysts for high-density polyethylene and chemicals syntheses

Polyethylene, Polymers & Engineered Plastics • Demand for high-density polyethylene used for strengthening and light weighting components • Catalysts and catalyst supports for high-density polyethylene and chemicals syntheses

• Demand for durable packaging • Antiblock for film packaging

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Regeneration and Treatment Services • Increase gasoline octane in order to improve fuel efficiency while lowering vapor pressure and sulfur to regulated levels • Sulfuric acid regeneration services

• High industry utilization • Treatment services

• High industry utilization • Hazardous waste treatment services

• Growing demand for applications in hazardous and non-hazardous waste

Industrial, Mining & Automotive • Demand for metals and minerals for low carbon technologies and infrastructure • Sulfuric acid for mining

• Demand for a wide range of products including construction materials, auto, consumer goods, and chemicals • Sulfur derivatives for industrial production

Industrial, Mining & Automotive • Demand for metals and minerals for low carbon technologies and infrastructure • Virgin sulfuric acid for mining

• Demand for a wide range of products including construction materials, auto, consumer goods, petrochemicals and chemicals • Virgin sulfuric derivatives for industrial production

• Recovery in global oil drilling/U.S.

copper production • Sulfur derivatives for nylon production

copper production • Virgin sulfuric derivatives for nylon production

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The table below summarizes sales for the years ended December 31, 2024, 2023 and 2022, respectively:

December 31, 2024 December 31, 2023 December 31, 2022

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% of Zeolyst JV sales (2)

(in millions, except percentages)

Clean Fuels, Emission Control & Other

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(2) Percentage calculations are based on $116.5 million, $156.5 million and $132.6 million of sales attributable to the Zeolyst Joint Venture, which represents 50% of its total sales for each of the years ended December 31, 2024, 2023 and 2022, respectively.

Table of Con ten ts

Competitive Business Strengths

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We are partnering with technology licensors to help enable the advanced recycling of plastics.

• The decarbonization of heavy-duty trucking and aviation industries by using sustainability fuels.

• The decarbonization of heavy-duty trucking and aviation industries by using sustainable fuels.

Our Zeolyst Joint Venture leverages our knowledge of lubricant dewaxing to develop products that efficiently dewax renewable diesel.

Dewaxing is a process where longer chain hydrocarbons are broken down into chain lengths that remain liquid at colder temperatures, allowing fuel flow in trucks during colder temperatures.

Legislative drivers and financial incentives are leading to rapid capacity builds at our customers, driving demand for our products.

Legislative drivers and financial incentives are leading to capacity builds at our customers, driving demand for our products.

For the production of sustainable aviation fuel, our specialty zeolites are used in the hydrocracking and dewaxing steps, enabling the fuel quality required for sustainable aviation fuel to be produced.

In addition, some manufacturing processes involve converting alcohol into jet fuel where our zeolites catalyze the building or oligomerization of molecules into longer chains that more efficiently combust to generate power.

• Light- and heavy-duty diesel engines are subject to a broad set of regulatory requirements and increasingly strict emission standards.

• Light- and heavy-duty diesel engines are subject to a broad set of regulatory requirements and emission standards.

We believe these trends present global opportunities for the Zeolyst Joint Venture to support our customers in meeting these standards through our sales of emission control catalysts.

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We believe that we maintain a leading supply position for certain products sold within each of our segments, holding what we estimate to be the number one or two supply share position in 2024 for products that generated more than 90% of our sales.

We believe that our global footprint and efficient network of strategically located manufacturing facilities provides us with a strong competitive advantage in serving our customers both globally and regionally, and that it would be costly for our competitors to replicate our network.

We believe that our global footprint and efficient network of strategically located owned manufacturing facilities provides us with a strong competitive advantage in serving our customers both globally and regionally, and that it would be costly for our competitors to replicate our network.

Table of Con ten ts

In our Advanced Materials & Catalysts segment, we primarily compete on a global basis.

We are a leading supplier of zeolites used for catalysts that support the production of sustainable fuels, zeolite-based catalyst used to remove sulfur in the refinery hydrocracking process and emission control catalysts used in the heavy- and light-duty diesel industries to reduce nitrogen oxides emissions.

We are a global supplier of silicas-based advanced materials and supports for polyethylene manufacturers and custom catalyst applications, including catalyst used to produce methyl methacrylate (“MMA”), bio-butadiene and bio-catalysis used to immobilize enzymes onto silica supports.

We are a global supplier of silica-based advanced materials and supports for polyethylene manufacturers and custom catalyst applications, including catalyst used to produce methyl methacrylate (“MMA”), bio-butadiene and bio-catalysis used to immobilize enzymes onto silica supports.

Innovation Track Record

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Our customers include large industrial companies such as ExxonMobil, and global catalyst producers such as UOP and Grace.

We also supply catalysts to leading chemical and petrochemical producers such Dow Chemical, Mitsubishi Chemical, LyondellBasell, CP Chemicals, Valero, Motiva, Saudi Aramco and Shell.

We also supply catalysts to leading chemical and petrochemical producers such as Dow Chemical, Mitsubishi Chemical, LyondellBasell, CP Chemicals, Valero, Saudi Aramco and Shell.

We have long-term relationships with our top ten customers, based on 2024 sales, that average more than 50 years.

In addition, our customer base is diversified, with our top ten customers in 2023 representing approximately 60% of our sales for the year ended December 31, 2023, and one customer representing 13% or $91.5 million of our sales in both our Ecoservices and Advanced Materials & Catalysts businesses during this period.

In addition, our customer base is diversified, with our top ten customers in 2024 representing approximately 60% of our sales for the year ended December 31, 2024, of which two customers had more than 10% of our total sales.

Customer A was 14% or $96 million and Customer B was 11% or $78 million of our sales, in both our Ecoservices and Advanced Materials & Catalysts businesses during this period.

Secured Contractual Pass-through of Raw Material Costs Support Stable Margins

We have been able to mitigate the impact of raw material or energy price volatility using a variety of mechanisms, including raw material cost pass-through mechanisms in our sale contracts and other adjustment provisions.

Most of our Ecoservices contracts feature minimum volume protection and/or quarterly price adjustments for items such as commodity inputs, labor, the Chemical Engineering Plant Cost Index and natural gas.

In 2023, approximately 80% of our Ecoservices segment sales were sold under contracts that included some form of raw material pass-through clause.

These price adjustments generally reflect our Ecoservices actual cost structure in producing sulfuric acid, and tend to provide us with some protection against volatility in labor, fixed costs and raw material pricing.

In 2024, approximately 90% of our Ecoservices segment sales occurred under contracts that included some form of raw material pass-through clause.

These price adjustments generally reflect our Ecoservices segment’s actual cost structure in producing sulfuric acid, and tend to provide us with some protection against volatility in labor, fixed costs and raw material pricing.

Freight expenses are generally passed through directly to customers.

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In addition, we have long-term contracts and relationships with many of our key raw material suppliers across all of our business segments.

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Long-Term Customer Contracts Enhance Sales Predictability and Stability

We partner with many of our customers under long-term contract agreements, 100% requirement arrangements and/or specified products for certain license production processes.

In our Ecoservices segment, approximately 50% of our production capacity serve customers with staggered multi-year commitment contracts with potential for value pricing resets and cost pass-through for our regeneration services product line that enhances sales and margin predictability and stability.

We partner with many of our customers under long-term contract agreements, 100% requirement arrangements and/or specified products for certain licensed production processes.

In our Ecoservices segment, approximately 50% of our production capacity serves customers with staggered multi-year commitment contracts with potential for value pricing resets and cost pass-through for our regeneration services product line that enhance sales and margin predictability and stability.

Excluding contracts with automatic evergreen provisions, approximately 40% of our sulfuric acid volume for the year ended December 31, 2024 was under contracts expiring at the end of 2025 or beyond.

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Since then, we have leveraged our process technology expertise and ability to deliver our products by barge, rail, truck and pipeline to become the largest sulfuric acid regenerator in North America and a leading North American producer of high quality virgin sulfuric acid.

Ecoservices has also applied its expert knowledge in thermal decomposition to provide treatment services for hazardous/non-hazardous wastes, and most recently activate catalysts with our patented Chem 32, LLC (“Chem32”) technology acquired in March 2021.

Ecoservices has also applied its expert knowledge in thermal decomposition to provide treatment services for hazardous/non-hazardous wastes, and most recently to activate to catalysts with our patented Chem 32, LLC (“Chem32”) technology acquired in March 2021.

Our Advanced Materials & Catalysts product development and manufacturing technology is customized based on deep silica and zeolite-based advanced material science know-how.

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The secular trends supporting many of our business segments has allowed us to maintain stable margins while continuing to grow in different macroeconomic environments.

We believe that the stability of our margins and cash flows is also aided by long-term sale contracts and material cost pass-through.

We believe that the stability of our margins and cash flows is also aided by long-term sales contracts and material cost pass-through provisions.

Our ability to enter into favorable contracts and terms with customers is driven by our long history of collaborative relationships and track record of providing value-added products and services.

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In addition, our cash flow generation has been driven, in part, by lower debt levels, our disciplined capital investment, as well as tax attributes that provide us with cash flow benefits.

As of December 31, 2023, we had $206.9 million of tax deductible intangibles and goodwill with respect to Eco Services Operations LLC, which provides us with cash tax savings as we generate taxable income.

As of December 31, 2024, we had $174.8 million of tax deductible intangibles and goodwill with respect to Eco Services Operations Corp, which provides us with cash tax savings as we generate taxable income.

Our Business Segments

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(1) Ecoservices and (2) Advanced Materials & Catalysts (including our 50% interest in the Zeolyst Joint Venture).

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The table below summarizes certain information regarding our two reporting segments for the year ended December 31, 2024.

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Joint Venture Sales (1)

Net Income Adjusted EBITDA (1)

Net Loss Adjusted EBITDA (1)

% of Total Adjusted EBITDA (1)(2)

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(1) Represents 50% of the Zeolyst Joint Venture (the “Zeolyst Joint Venture” or “Zeolyst JV”) sales for the year ended December 31, 2024.

The Adjusted EBITDA of our Advanced Materials & Catalysts segment includes our 50% portion of the Adjusted EBITDA of our Zeolyst JV.

The Adjusted EBITDA of our Advanced Materials & Catalysts segment includes our 50% portion of the earnings from the Zeolyst JV.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Basis of Presentation” for a description of the treatment of the Zeolyst Joint Venture in our consolidated financial information.

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Additionally, product can be shipped to our customers by barge, rail and truck.

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Primary Product Groups

Regeneration services serves a critical need for refining customers.

Sulfuric acid serves as a catalyst in the alkylation process.

Sulfuric acid serves as a catalyst in the alkylation production process.

The resulting spent sulfuric acid needs to be regenerated or recycled, which is no longer a core competency of most refiners.

Since storage space for fresh and spent sulfuric acid is typically limited, and the cost to refineries of interruption to their alkylation units would be significant, refineries seek to have a continuous and reliable source of supply for sulfuric acid regeneration services.

Our end-to-end regeneration service offering takes the spent acid from the refinery, through our network of plants and transportation systems, and recycles the sulfuric acid into high strength fresh sulfuric acid for reuse in the alkylation process.

Our end-to-end regeneration services offering takes the spent acid from the refinery, through our network of plants and transportation systems, and recycles the sulfuric acid into high strength fresh sulfuric acid for reuse in the alkylation process.

Because of the number and strategic locations of our plants, and the breadth of our transportation logistics, we believe we bring the highest reliability and flexibility to our refining customers, allowing them to focus on their core competency by optimizing their alkylation capacity.

Virgin Sulfuric Acid is created either through the incinerating sulfur in furnaces, or as a by-product of other industrial processes, primarily the smelting of copper and other base metals.

Virgin sulfuric acid is created either through incinerating sulfur in furnaces, or as a by-product of other industrial processes, primarily the smelting of copper and other base metals.

Our sulfur-derived, high quality virgin sulfuric acid products supply a diverse set of end uses.

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Given our strategic presence on the Gulf Coast and in California, and our relationships with leading refineries, we estimate that our regenerated sulfuric acid supply share is substantially larger than our closest competitor.

We compete in the North American refining services industry with competitors such as Chemtrade and Veolia.

We compete in the North American refining services industry with competitors such as Chemtrade and Nexpera, formerly the sulfuric acid business of Veolia.

We compete on the basis of price, reliability, and responsiveness to changes in customer demand, which is a function of scale, proximity to customer locations and operational expertise.

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As a result, we believe that our integrated and strategically located network of facilities and end-to-end logistics assets in the United States provide us with a significant competitive advantage and would be costly for our competitors to replicate.

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Manufacturing

We produce regenerated sulfuric acid and virgin sulfuric acid through our furnace operations.

We provide regeneration services and produce virgin sulfuric acid through our furnace operations.

Regenerated sulfuric acid is produced by thermally decomposing the spent acid in our furnace into a clean gas stream, which is converted into sulfuric acid.

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HDPE is a high strength and high stiffness plastic used in bottles, containers, and molded applications, whereas LLDPE is used predominately for films.

We also produce a catalyst that is used globally for the production of MMA, the monomer for acrylic engineering resins, a clear scratch-resistant plastic used in sheet or molded form to replace glass and as a durable surface coating and produce a catalyst used for the manufacture of bio-butadiene.

We also produce a catalyst used for the manufacture of bio-butadiene.

Because these catalysts are highly technical and customized for our customers to manufacture products with specific properties, they are often covered under long-term supply agreements and, in some cases, we are a customer’s sole source supplier.

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We also supply custom zeolites to catalyst companies who compete in similar industries.

The Zeolyst Joint Venture leverages each partner’s technology and production expertise, including Shell’s expertise in hydrocracking to maximize liquid product yields, especially distillate, while at the same time removing sulfur, and Ecovyst’s expertise in zeolite research and development, production technology, and market understanding for applications including sustainable fuels, emission control technology, advanced recycling and many customized zeolite catalyst solutions.

The Zeolyst Joint Venture leverages each partner’s technology and production expertise, including Shell’s expertise in hydrocracking to maximize liquid product yields, especially distillate, while at the same time removing sulfur, and Ecovyst’s expertise in zeolite research and development, production technology, and industry understanding for applications including sustainable fuels, emission control technology, advanced recycling and many customized zeolite catalyst solutions.

Table of Con ten ts

Hydrocracking catalyst is the most economic method to meet sulfur emission control standards for refiners while maintaining yields for diesel, which is considered one of the most profitable product streams.

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Advanced Silicas Manufacturing Platform

Table of Con ten ts

Zeolyst Joint Venture Manufacturing Platform

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See “Risk Factors—Risks Related to Our Business — If we are unable to pass on increases in raw material prices, including natural gas, to our customers or to retain or replace our key suppliers, our results of operations and cash flows may be negatively affected”.

Table of Con ten ts

Zeolyst Joint Venture

The Zeolyst Joint Venture is a long-standing partnership with Shell Catalysts & Technologies, an affiliate of Royal Dutch Shell plc.

or “Shell”, that dates back to 1988 and is focused on the development, manufacture and sale of zeolite-containing catalysts through manufacturing facilities located in Kansas, USA and the Netherlands.

The Zeolyst Joint Venture is a long-standing partnership with Shell, that dates back to 1988 and is focused on the development, manufacture and sale of zeolite-containing catalysts through manufacturing facilities located in Kansas, USA and the Netherlands.

We combine our expertise in zeolite supply and technology with our partner’s expertise in global refinery catalyst sales and technology.

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We produce zeolites that are precursors for the production of hydrocracking catalyst and sustainable fuels catalysts.

Our extensive expertise in zeolite production enables us to manage the production of specialty zeolites which includes custom catalyst solutions, aromatic, mainly Xylene focused catalysts.

dewaxing catalysts that improve lube oil performance, and paraffin isomerization catalysts that upgrade olefins to high octane gasoline blending components for refinery and petrochemical customers.

Our extensive expertise in zeolite production enables us to manage the production of specialty zeolites which includes custom catalyst solutions, aromatic, mainly Xylene focused catalysts, dewaxing catalysts that improve lube oil performance, and paraffin isomerization catalysts that upgrade olefins to high octane gasoline blending components for refinery and petrochemical customers.

In addition, our products include zeolite-based catalysts that enable catalytic based thermal pyrolysis of plastics wastes and adsorbents that enable the selective purification of waste streams.

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We maintain appropriate information security policies and procedures reasonably designed to ensure the safeguarding of confidential information including, where appropriate, data encryption, access controls and employee awareness training.

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We own or have rights to a number of patents relating to our products and processes.

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Our regeneration services product group, which is a part of our Ecoservices segment, typically experiences seasonal fluctuations as a result of higher demand for gasoline products in the summer and lower demand in the winter months.

These demand fluctuations results in higher sales and working capital requirements in the second and third quarters.

These demand fluctuations result in higher sales and working capital requirements in the second and third quarters.

Sustainability Overview

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We are committed to creating environmentally responsible products that we believe make a difference in people’s daily lives and for our planet.

While offering products and services that help our customers to advance their own sustainability goals, we also work to advance our commitment to maintain sound environmental, social and governance (“ESG”) practices, policies and procedures.

For example, we:

• Were awarded a 2024 Platinum Sustainability Score from EcoVadis, a third-party sustainability evaluation company.

The Platinum Medal rating from EcoVadis places us among the top 1% (99th percentile) of all companies assessed by EcoVadis over the past twelve months;

• Were awarded a 2024 Platinum Sustainability Rating from EcoVadis, a third-party sustainability evaluation company.

The Platinum Medal rating from EcoVadis placed us among the top 1% (99th percentile) of all companies assessed by EcoVadis over the prior twelve-month period;

• Maintained an executive level position of Vice President – Environment and Sustainability that reports directly to our CEO;

• Under the leadership of our Global Director of Health, Safety and Process Safety Management, instituted additional health, safety and process safety programs, as well as launched a company-wide employee health and wellness program that covers both physical and mental health;

• Provided enhanced sustainability information on our website and published our 2022 Sustainability Report, our second as Ecovyst, in July 2023;

• Continued work towards our recently announced series of 2025 and 2030 sustainability goals with respect to fuel usage, power usage, healthy, safety and environment performance, and community engagement;

• Introduced our employees to our core values Stewardship, High Standards, Integrity and Engagement (“SHINE”) and in 2023, provided training on these values and provisions of our Code of Conduct, completing training for approximately 99.8% of active employees in 2023;

• Under the leadership of our Global Director of Health, Safety and Process Safety Management, instituted additional health, safety and process safety programs, as well as continued our company-wide employee health and wellness program that covers both physical and mental health;

• Achieved zero OSHA recordable injuries among our employees and embedded contractors in 2024;

• Provided enhanced sustainability information on our website and published our 2023 Sustainability Report in June 2024, our third as Ecovyst;

• Continued work towards our 2025 and 2030 sustainability goals regarding fuel usage, power usage, health, safety and environment performance, and community engagement;

• Introduced our employees to our core values - Stewardship, High Standards, Integrity and Engagement (“SHINE”) and provided training on these values and provisions of our Code of Conduct, completing training for approximately 99.8% of active employees in 2024;

• Continued steps to implement additional improvements in a number of areas, including health, safety and environmental (“HSE”) performance;

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• Further integrated a corporate-wide sustainability software platform, which we are utilizing as an internal, real-time sustainability performance dashboard to enable improved analytics and greater visibility into our sustainability impacts;

• Achieved a greater than 90% performance in our flagship HSE Perfect Days program, which targets at-risk behaviors and celebrates positive HSE performance across the organization on a daily basis.

• Achieved a greater than 93% performance in our flagship HSE Perfect Days program in 2024, which targets at-risk behaviors and celebrates positive HSE performance across the organization on a daily basis.

Table of Con ten ts

The sections that follow provide some highlights of our environmental, social and governance programs and procedures.

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Our products and technologies continue to address our customers’ sustainability challenges, tightening global regulatory standards and changing consumer preferences.

In our Ecoservices segment, we provide sulfuric acid regeneration services that avoid significant landfill or deep well disposal of spent, or used, sulfuric acid.

In our Ecoservices segment, we provide regeneration services that avoid significant landfill or deep well disposal of spent, or used, sulfuric acid.

In our Advanced Materials & Catalysts segment, our zeolite catalysts are used for cleaner air applications and our advanced silicas are key for light weighting and plastics recycling.

As part of our sustainability commitment regarding our own operations, we apply the principles of the Environmental Management standard of the International Organization for Standardization (ISO 14001) at our facilities throughout the world.

For chemical facilities in the United States, we also adhere to the Responsible Care® RC14001 Technical Specifications of the American Chemistry Council (“ACC”).

For all of our facilities in the United States, we also adhere to the Responsible Care® RC14001 Technical Specifications of the American Chemistry Council (“ACC”).

We maintain policies and procedures to monitor and control HSE risks, and to enable compliance with applicable state, national, and international HSE requirements.

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Each Ecovyst facility has developed and implemented specific critical occupational health, safety, environmental, security and loss control programs.

We also have a strong Health and Safety (“H&S”) and Environmental and Sustainability (“E&S”) organizations staffed by professionals who are responsible for health, safety, process safety, sustainability, product stewardship and product safety regulatory compliance.

We also have strong Health and Safety (“H&S”) and Environmental and Sustainability (“E&S”) organizations staffed by professionals who are responsible for health, safety, process safety, sustainability, product stewardship and product safety regulatory compliance.

Our H&S and E&S organizational structures feature executive management-level leadership, active oversight by our Board and dedicated H&S and E&S experts on staff.

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As an ACC Responsible Care® member company, we continue to monitor and report our HSE metrics annually.

Our sustainability metrics, including waste generation and water consumption for 2018 through 2022, were third party assured through verification of the data.

We included the assured data on our website and in our 2022 Sustainability Report, which we published in July 2023.

We also have established a Product Safety and Product Stewardship management system that is compliant with the RC14001 technical specification and is supported by a highly skilled Director of Product Stewardship.

Most recently, our 2023 sustainability data for Scope 1 and 2 greenhouse gas (“GHG”) emissions, water withdrawal and the mass of hazardous and nonhazardous waste generated was verified to the requirements of the WRI/WBSCD GHG Protocol Corporate Accounting and Reporting Standard, revised edition (2004, as amended in 2013), the GHG Protocol Scope 2 Guidance (2015) and the Company’s metrics for water withdrawal and waste generated by an independent third party to a reasonable level of assurance.

We included the assured data on our website and in our 2023 Sustainability Report, which we published in June 2024.

We also maintain a Product Safety and Product Stewardship management system that is compliant with the RC14001 technical specification and is supported by a highly skilled Director of Product Stewardship.

We conduct Product Stewardship reviews as part of new product development and routinely evaluate product safety risk for raw materials, intermediates, and finished products.

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This commitment applies to all terms and conditions of employment, including recruiting, hiring, placement, advancement, training, transfer, demotion, lay off and recall, termination, compensation and benefits.

Table of Con ten ts

It is our policy to comply with all applicable laws and regulations in each jurisdiction in which we operate in order to provide appropriate working conditions for our colleagues.

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We proactively seek to attract, incentivize and retain a talented and motivated workforce.

Our global succession planning process is designed to provide sufficient talented personnel to fill key leadership, innovation and manufacturing roles well into the future and to better prepare employees for their future at the Company.

In order to enable a pipeline for our leadership, we maintain a robust Emerging Leaders program to identify and nurture top talent to build leadership capabilities and provide the fundamental skills we believe every leader needs to generate passion and productivity in their team.

The program also provides an important networking opportunity that creates a connected community of leaders at the Company.

Our global performance management and succession planning processes are designed to provide sufficient talented personnel to fill key leadership, innovation and manufacturing roles well into the future and to better prepare employees for their future at the Company.

We review our compensation and benefits programs periodically to ensure continued competitiveness.

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As of December 31, 2024, approximately 45% of our employees were represented by a union, works council or other employee representative body.

We believe we have good relationships with our employees and their respective works councils, unions or other bargaining representatives.

We believe we have good relationships with our employees and their respective works councils, unions and other bargaining representatives.

This international strength, supported by our core values of SHINE, fosters a rich culture founded on diversity of thought.

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Today, there are women on the leadership teams of each of our businesses as well as in our R&D, Finance, E&S and Human Resources functions.

In 2023, our sites continued to work to have a positive impact in the communities in which we operate.

Some of these events included:

(a) our office in The Woodlands, Texas participated in a food drive sponsored by a non-profit organization to provide Thanksgiving meals to families as well as sponsor local AAU basketball teams;

(b) our Houston, Texas plant supported a local elementary school by providing lunches for Teacher Appreciation day, provided bus services for children to take a field trip for the holidays, and donated jerseys to a soccer team;

(d) our Baytown, Texas plant donated benches to a local elementary school and wrote holiday cards for troops stationed abroad;

(e) employees at our Baton Rouge, Louisiana facility collaborated with a non-profit organization to renovate the residences of elderly and disabled, low-income homeowners and adopted Angels through the Salvation Army for the holiday season;

(f) our Martinez, California facility participated in several community awareness and emergency response task forces;

(g) our Dominguez, California plant personnel donated $1,000 to a local Rotary Club to subsidize food items for local families and donated benches to a local school;

(h) our West Orange, Texas plant donated to organizations whose mission is to train, educate, and empower young women;

(i) our Kansas City, Kansas site participated in the “Adopt an Angel” program sponsored by a charitable organization where employees purchased and wrapped holiday gifts;

(j) our Warrington, United Kingdom sponsored uniforms for a local youth soccer team;

(k) our Delfzijl, The Netherlands site donated funds to a local food pantry;

(l) our Conshohocken, Pennsylvania site participated in a food drive, donated toys for Toys for Tots and cleaned the surrounding neighborhood for Earth Day;

and (m) our Malvern, Pennsylvania office personnel participated in a food drive sponsored by a local food pantry to provide Thanksgiving meals to families, as well as in the “Adopt a Child” program sponsored by a local church to provide holiday gifts for children whose families would not otherwise be able to afford gifts.

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In 2024, our sites continued to have a positive impact in the communities in which we operate.

The following table outlines some of those impacts.

Location Community Impact

The Woodlands, Texas • Participated in flood relief efforts by handing out cleaning supplies and food

• Participated in a food drive sponsored by a non-profit organization to provide Thanksgiving meals

• Donated gift cards to a non-profit organization that offers emergency shelter

Houston, Texas • Provided school supplies to a local elementary school

• Bagged and distributed food at a local food bank

• Worked with a local organization to provide items for first-time mothers

Hammond, Indiana • Provided school supplies to a local elementary school

• Volunteered at a local soup kitchen

• Donated funds to a local youth football team to help replace equipment lost in a fire

Baytown, Texas • Donated supplies, sports apparel and equipment to a local elementary school

• Volunteered at a United Way sponsored breakfast

Baton Rouge, Louisiana • Collaborated with a non-profit organization to renovate the residence of an elderly homeowner

Martinez, California • Hosted students from a local university

Dominguez, California • Packed 600 boxes of food for distribution to local families

• Donated funds to a local school

• Donated funds to a local youth baseball team

• Participated in a blood drive

West Orange, Texas • Provided school supplies to a local elementary school

• Purchased supplies from teachers’ wish lists

Kansas City, Kansas • Donated clothing to the Big Brothers Big Sisters organization

• Participated in the Adopt-an-Angel program to provide holiday gifts to children

Warrington, United Kingdom • Sponsored uniforms for a local youth soccer team

Delfzijl, The Netherlands • Donated funds to a local food pantry

Conshohocken, Pennsylvania • Cleaned the surrounding neighborhood for Earth Day and Adopt-A-Highway Clean up Day

Malvern, Pennsylvania • Provided non-perishable foods and turkeys to a local food pantry to provide Thanksgiving meals to families

• Participated in the Adopt-a-Child program to provide holiday gifts to children

We have implemented a paid volunteer leave policy in 2025 that allow employees to take up to eight hours of pay each calendar year to participate in volunteer activities with approved organizations.

We maintain and consistently reinforce within our organization a series of policies and practices designed to ensure that decisions made on behalf of our company are properly made and executed.

Our governance programs and policies start with a strong tone at the top and are summarized in our Executive Statement on Ethics and Compliance, which has been issued by our CEO and our Chief Compliance Officer and distributed throughout the organization.

The principles set forth in the Executive Statement are codified in our Code of Conduct, which sets forth the legal and ethical standards to which our employees must adhere, including (a) acting with integrity, (b) avoiding actual or apparent conflicts of interest, (c) complying with the rules and regulations of federal, state, provincial, local governments, and other appropriate regulatory agencies, (d) complying with all rules and regulations prohibiting fraud, bribery, corrupt practices, anti-competitive activities and trading with embargoed persons and countries, (e) complying with all company policies and procedures, and (f) actively promoting ethical behavior in the workplace.

Our governance programs and policies can be found on the Company’s sustainability webpages, which is routinely updated and includes a description of our enterprise risk management program and our policies on child labor, human trafficking, anti-harassment, antibribery, and cybersecurity all of which are evaluated by third-parties, including EcoVadis.

The principles set forth in the Executive Statement are codified in our Code of Conduct, which sets forth the legal and ethical standards to which our employees must adhere, including (a) acting with integrity, (b) avoiding actual or apparent conflicts of interest, (c) complying with the laws and regulations of federal, state, provincial, local governments, and other appropriate regulatory agencies, (d) complying with all laws and regulations prohibiting fraud, bribery, corrupt practices, anti-competitive activities and trading with embargoed persons and countries, (e) complying with all company policies and procedures, and (f) actively promoting ethical behavior in the workplace.

Table of Con ten ts

Our governance programs and policies can be found on the Company’s sustainability webpages, which are routinely updated and includes a description of our enterprise risk management program and our policies on child labor, human trafficking, anti-harassment, antibribery, and cybersecurity all of which are evaluated by third-parties, including EcoVadis.

In addition, the investors pages of our website contain additional materials regarding our corporate governance process, including our Board committee charters, our corporate governance guidelines, our Code of Conduct, our Supplier Code of Conduct and other documents.

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Again, we apply the principles of the Environmental Management standard of the International Organization for Standardization (ISO 14001) at our facilities throughout the world.

For chemical facilities in the United States, we also adhere to the Responsible Care RC14001 Technical Specifications of the American Chemistry Council.

We maintain policies and procedures to monitor and control HSE risks, and to monitor compliance with applicable state, national, and international HSE requirements.

For all of our facilities in the United States, we also adhere to the Responsible Care® RC14001 Technical Specifications of the American Chemistry Council.

We maintain policies and procedures to monitor and control HSE risks, and to monitor compliance with applicable local, state, national and international HSE requirements.

We have a strong HSE organization.

We maintain a staff of professionals who are responsible for environmental, safety, health and product regulatory compliance.

We maintain a staff of professionals who are responsible for environmental, safety, health, process safety and product regulatory compliance.

We have implemented a corporate audit program for all of our facilities.

However, we cannot provide assurance that we will be in full compliance at all times with all applicable environmental laws and regulations.

However, we may not be in full compliance at all times with all applicable environmental laws and regulations.

We expect that stringent environmental regulations will continue to be imposed on us and our industry in general.

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Environmental laws and regulations require mitigation or remediation of the effects of the disposal or release of chemical substances.

Under some of these regulations, as the current or former owner or operator of a property, we could be held liable for the costs of removal or remediation of hazardous substances on or under the property, without regard to whether we knew of or caused the contamination, and regardless of whether the practices that resulted in the contamination were permitted at the time they occurred.

Under some of these regulations, as the current or former owner or operator of a property, we could be held liable for the costs of removal or remediation of hazardous substances on or under property, without regard to whether we knew of or caused the contamination, and regardless of whether the practices that resulted in the contamination were permitted at the time they occurred.

Many of our current or former production sites have an extended history of industrial use, and it is impossible to predict precisely what effect these laws and regulations will have on us in the future.

Soil and groundwater contamination requiring investigation and remediation has been discovered at some of the sites, and might occur or be discovered at other sites.

Several active and former facilities currently are undergoing investigation and remediation, including sites in Dominguez, CA and Martinez, CA.

Several active and former facilities currently are undergoing investigation, remediation and/or surveillance, including sites in Dominguez, California, Martinez, California and Hammond, Indiana.

Table of Con ten ts

Environmental Programs

2 unchanged sentences

We also have implemented a HSE organizational structure with executive committee level leadership and dedicated environmental experts.

We have a Global Director of Health, Safety and Process Safety Management as well as Regional HSE Specialists and Managers who are embedded in the field and provide HSE expertise and support to operating sites.

Certain, larger sites may have dedicated environmental or safety personnel.

We have a Global Director of Health, Safety and Process Safety Management as well as Regional HSE Specialists and Managers who are embedded in the field and provide health and safety expertise and support to operating sites.

We also have a Vice President of Environmental and Sustainability as well as Regional Environmental Specialists, Managers and Directors who are onsite to provide environmental expertise and support operating sites.

Certain, larger sites may have dedicated environmental or health and safety personnel.

Product Safety and Product Stewardship

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We make available free of charge through our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended (“Exchange Act”), as well as reports on Forms 3, 4 and 5 filed pursuant to Section 16 of the Exchange Act, as soon as reasonably practicable after such documents are electronically filed with, or furnished to, the Securities and Exchange Commission (“SEC”).

The SEC maintains an Internet website, http://www.sec.gov, which contains reports, proxy and information statements, and other information regarding our Company and other issuers that file electronically with the SEC.

The SEC maintains an Internet website, https://www.sec.gov, which contains reports, proxy and information statements, and other information regarding our Company and other issuers that file electronically with the SEC.

The information on our website is not, and shall not be deemed to be, a part of this report or incorporated into any other filings we make with the SEC.

1 unchanged sentence

In accordance with SEC rules, we intend to disclose any amendment (other than any technical, administrative or other non-substantive) to the Code of Business Conduct, or any waiver of any provision thereof with respect to any of our executive officers, on our website within four business days following such amendment or waiver.

Table of Con ten ts

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business