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All statements contained herein that are not clearly historical in nature are forward-looking, and words such as “outlook,” "guidance,” “forecast,” “believe,” “anticipate,” “expect,” “estimate,” “may,” “will,” “should,” “continue,” “plan,” “potential,” “intend,” “likely,” or other similar words or phrases are generally intended to identify forward-looking statements.
−Removed: Any forward-looking statement contained herein, in press releases, written statements or documents filed with the Securities and Exchange Commission, or in Koppers communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, product introduction or expansion, the benefits of acquisitions and divestitures, or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies.
+Added: Any forward-looking statement contained herein, in press releases, written statements or documents filed with the Securities and Exchange Commission, or in Koppers communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, product introductions or expansions, the benefits of acquisitions and divestitures, or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies.
Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements.
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the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins;
+Added: the successful implementation of multi-year cost mitigation programs;
the extent of the dependence of certain of our businesses on certain market sectors and customers;
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the effects of competition in the industries in which we operate, including locations of competitors and operating and market competition;
−Removed: changes in laws, their interpretation, and their enforcement, including tax regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies;
−Removed: the impact of environmental laws and regulations;
+Added: changes in laws, their interpretation, and their enforcement, including tax regulations, environmental regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies;
+Added: the impact of environmental laws and regulations and compliance therewith;
parties who are obligated to indemnify us for liabilities, including legal and environmental liabilities, fail to perform under their legal obligations;
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Our products and services are used in a variety of niche applications in a diverse range of end-markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber and construction industries.
−Removed: We serve our customers through a comprehensive global manufacturing and distribution network, with manufacturing capabilities in North America, South America, Australasia and Europe.
+Added: We serve our customers through a comprehensive global manufacturing and distribution network, with
+Added: manufacturing capabilities in North America, South America, Australasia and Europe.
We operate three principal businesses:
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Through our RUPS business, we believe that we are the largest supplier of railroad crossties to the Class I railroads in North America and the second largest producer of utility poles in the United States.
−Removed: Our other treated wood products include utility poles for the electric, telephone, and broadband utility industries in the United States and Australia and construction pilings in the United States.
+Added: Our utility poles are used in the electric, telephone, and broadband industries in the United States and Australia and construction pilings in the United States.
In addition, we provide untreated wood products and rail joint bars to the railroad markets and inspection services to the utility markets.
We also operate a railroad services business that conducts engineering, design, repair and inspection services for railroad bridges and a business related to the recovery of used crossties, serving the same customer base as our North American railroad business.
+Added: We have entered into an agreement to sell our railroad services business.
+Added: See Note 13 - Subsequent Events.
Through our PC business, we believe that we are the global leader in developing, manufacturing and marketing wood preservation chemicals and wood treatment technologies for use in the pressure treating of lumber for residential, industrial and agricultural applications.
−Removed: Our CMC business processes coal tar into a variety of products, including creosote, carbon pitch, carbon black feedstock, naphthalene and phthalic anhydride, which are intermediate materials necessary in the pressure treatment of wood, and the production of aluminum, steel, carbon black, high-strength concrete, plasticizers and specialty chemicals.
−Removed: Our CMC segment ceased primary production of phthalic anhydride in April 2025.
+Added: Our CMC business processes coal tar into a variety of products, including creosote, carbon pitch, carbon black feedstock and naphthalene, which are intermediate materials necessary in the pressure treatment of wood, and the production of aluminum, steel, carbon black and high-strength concrete.
+Added: Our CMC segment ceased production of phthalic anhydride in the second quarter of 2025.
See Note 2 – Acquisitions and Restructuring .
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We utilize certain financial measures that are not in accordance with U.S.
−Removed: generally accepted accounting principles (U.S.
GAAP to analyze and manage the performance of our business.
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Forward-looking statements, including the significant market indicators described below, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth below.
−Removed: Please see the “forward-looking statements” disclaimer above for more information.
+Added: Please see the “forward-looking statements” disclaimer in the above section for more information.
After considering the current intensely competitive environment, global economic conditions, as well as ongoing uncertainty associated with geopolitical and supply chain challenges, we anticipate taking measures to streamline our organization to support an increasingly cost-conscious customer base.
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Trade Tariff Uncertainties
−Removed: Our 2025 outlook reflects plans to substantially offset costs related to import and export tariffs, where possible, but due to the continued uncertainty regarding the implementation dates and scope of potential additional tariffs, as well as potential retaliatory trade policy, our outlook may vary as a result.
+Added: Our 2025 outlook reflects plans to substantially offset costs related to import and export tariffs, where possible, but there is continued uncertainty regarding the implementation dates and scope of potential additional tariffs, as well as potential
+Added: retaliatory trade policy.
+Added: We also face uncertainties from the indirect impact of Section 232 tariffs on the price of scrap copper and our outlook reflects our ability to offset any additional cost in the purchase price of the material.
+Added: As a result of these items, our outlook may vary as a result.
See also Item 1A.
−Removed: Risk Factors.
+Added: Risk Factors in this 10-Q as well as in our Form 10-K for the year ended December 31, 2024.
Our keys to success for 2025 include:
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• The Railway Tie Association’s estimate of total crosstie purchases in 2025 is approximately 19.9 million ties, with approximately 13.4 million for Class I railroads.
−Removed: This is slightly lower than the estimated 2024 crosstie purchases of approximately 20.0 million crossties with the small decrease expected to be from the commercial market.
−Removed: We expect the crosstie market to remain stable.
−Removed: • Market demand for utilities poles is expected to grow in 2025 with most of the growth concentrated in the second half of the year, while demand in the first half is expected to remain relatively flat.
+Added: This is lower than the 2024 crosstie purchases of approximately 21.3 million crossties with the decrease expected to be from the commercial market.
+Added: Over the past few years, North American demand for crossties has been in the range of 18 million to 22 million crossties annually.
+Added: We expect the crosstie market to remain stable and within this range.
+Added: • Market demand for utility poles is expected to grow in 2025 with most of the growth concentrated in the second half of the year.
Key drivers include aging pole infrastructure, the expansion of renewable energy, vehicle electrification, grid-hardening measures and extreme weather protection.
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• Product demand for our PC business has historically been associated with consumer spending on home repair and remodeling projects in North America.
−Removed: The Leading Indicator of Remodeling Activity (LIRA) reported by the Joint Center for Housing Studies of Harvard University projects that year-over-year spending for annual homeowner renovation and maintenance expenditures is expected to grow by 2.5 percent to reach a record $526 billion by the first quarter of 2026.
−Removed: While the LIRA projects an increase in 2025, our PC business expects flat or lower volumes as a result of customer market share shifts.
+Added: The Leading Indicator of Remodeling Activity (LIRA) reported by the Joint Center for Housing Studies of Harvard University projects that year-over-year spending for annual homeowner renovation and maintenance expenditures is expected to grow by 1.2 percent by the second quarter of 2026.
+Added: While the LIRA projects a slight increase in 2025, our PC business expects lower volumes as a result of customer market share shifts with the remaining customer volumes expected to be relatively flat.
• For the external markets served by our CMC business, we have experienced a slowdown in the near-term in manufacturing overall as well as in the steel, aluminum and carbon black industries.
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(ii) raw material pricing and availability, in particular the cost and availability of hardwood lumber for railroad crossties, softwood lumber for utility poles, scrap copper prices, and the cost and amount of coal tar available in global markets, which is negatively affected by reductions in blast furnace steel production;
−Removed: (iii) volatility in oil prices, which impacts the cost of coal tar and certain other raw materials, as well as selling prices and margins for certain of our products including carbon black feedstock, phthalic anhydride, and naphthalene;
+Added: (iii) volatility in oil prices, which impacts the cost of coal tar and certain other raw materials, as well as selling prices and margins for certain of our products including carbon black feedstock and naphthalene;
(iv) competitive conditions in our performance chemicals business and global carbon pitch markets;
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Moreover, demand for some of our products declines during periods of inclement weather.
−Removed: As a result of the foregoing, we anticipate that we may experience material fluctuations in quarterly operating
+Added: As a result of the foregoing, we anticipate that we may experience material fluctuations in quarterly operating results.
Historically, our operating results have been significantly lower in the first and fourth calendar quarters as compared to the second and third calendar quarters.
−Removed: Results of Operations – Comparison of Three Months Ended March 31, 2025 and 2024
+Added: Results of Operations – Comparison of Three Months Ended June 30, 2025 and 2024
Consolidated Results
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Carbon Materials and Chemicals
−Removed: RUPS net sales increased largely due to higher volumes in our Class I crosstie business, $4.6 million of price increases across most products, a nine percent increase in the volume of domestic utility poles sold driven by our acquisition of Brown Wood and an increase in activity in our railroad bridge services business.
−Removed: These increases were partly offset by lower volumes in our commercial crosstie business.
−Removed: PC net sales decreased primarily due to 21.5 percent lower volumes of residential and industrial preservatives in the Americas due mostly to a shift in United States market share along with reduced volumes due to weather.
−Removed: Foreign currency changes compared to the prior year period from our international markets had an unfavorable impact on sales in the current year period of $2.4 million.
−Removed: CMC net sales decreased mainly due to $10.8 million of volume decreases for phthalic anhydride and lower sales prices for carbon pitch where prices were down approximately eight percent globally.
+Added: RUPS net sales decreased due to lower volumes in our Class I crosstie business and lower activity in our crosstie recovery business.
+Added: These decreases were partly offset by higher volumes in our commercial crosstie business, price increases and an increase in activity in our railroad bridge services business.
+Added: PC net sales decreased due primarily to a 15 percent volume decrease mostly in the Americas due to a shift in United States market share.
+Added: CMC net sales decreased mainly due to volume decreases of phthalic anhydride of $20.4 million as we ceased production, lower volumes of carbon black feedstock of $11.0 million and lower sales prices for carbon pitch where prices were down approximately six percent globally.
The decreases in carbon pitch prices were driven by market dynamics in the current year period, particularly in Australasia.
+Added: These decreases were partly offset by volume increases for refined tar, naphthalene and creosote.
+Added: Foreign currency changes compared to the prior year period from our international markets had a favorable impact on sales in the current year period of $1.8 million.
+Added: Cost of sales as a percentage of net sales was 77 percent, compared to 78 percent in the prior year period as lower raw material costs and freight costs were partly offset by lower sales volumes.
+Added: Significant items impacting cost of sales in individual operating segments are discussed as part of "Segment adjusted EBITDA and adjusted EBITDA margin" herein.
+Added: Selling, general and administrative expenses were $6.4 million lower when compared to the prior year period due mainly to a decrease in compensation-related costs and professional service fees.
+Added: See Note 6 - Stock-based Compensation for changes related to our long-term incentive plan.
+Added: Impairment and restructuring charges in the current year period represent costs associated with discontinuing phthalic anhydride production at our facility in Stickney, Illinois, our workforce reduction program across selected U.S.
+Added: locations to streamline operations and reduce costs and consulting services related to our comprehensive assessment of our businesses.
+Added: See Note 2 - Acquisitions and Restructuring.
+Added: Other income in the current year period primarily relates to increased royalty income in our PC business and lower pension costs.
+Added: Interest expense was $3.3 million lower when compared to the prior year period due to lower interest rates.
+Added: Income tax provision decreased by $2.7 million when compared to the prior year period due primarily to lower income before income taxes.
+Added: See Note 8 - Income Taxes.
+Added: Segment Results
+Added: Segment adjusted EBITDA and adjusted EBITDA margin is summarized in the following table:
+Added: Three Months Ended
+Added: (Dollars in millions)
+Added: Adjusted EBITDA:
+Added: Railroad and Utility Products and Services
+Added: Performance Chemicals
+Added: Carbon Materials and Chemicals
+Added: Total Adjusted EBITDA
+Added: Adjusted EBITDA margin as a percentage of GAAP sales:
+Added: Railroad and Utility Products and Services
+Added: Performance Chemicals
+Added: Carbon Materials and Chemicals
+Added: RUPS adjusted EBITDA increased due to $7.7 million of lower raw material, selling, general and administrative and freight expenses in addition to net sales price increases.
+Added: PC adjusted EBITDA decreased due primarily to higher raw material costs and lower sales volumes, partly offset by lower selling, general and administrative expenses of $2.2 million, lower operating costs and higher royalty income.
+Added: CMC adjusted EBITDA increased due to $11.5 million of lower raw material, selling, general and administrative and operating expenses, particularly in North America, along with a favorable sales mix, partly offset by price decreases and lower utilization from discontinuing phthalic anhydride production.
+Added: Results of Operations – Comparison of Six Months Ended June 30, 2025 and 2024
+Added: Consolidated Results
+Added: Net sales are summarized by segment in the following table:
+Added: Six Months Ended
+Added: (Dollars in millions)
+Added: Railroad and Utility Products and Services
+Added: Performance Chemicals
+Added: Carbon Materials and Chemicals
+Added: RUPS net sales increased largely due to $5.2 million of pricing increases across multiple markets, particularly for crossties, an increase in activity in our railroad bridge services business and volume increases in our domestic utility pole business due primarily to our acquisition of Brown Wood.
+Added: These increases were partly offset by lower volumes in our Class I crosstie business and our Australian utility pole business.
+Added: Foreign currency changes compared to the prior year period had an unfavorable impact on sales in the current year period of $1.6 million, mainly from our Australian utility pole business.
+Added: PC net sales decreased due primarily to a 15.5 percent volume decrease mostly in the Americas due to a shift in United States market share along with reduced volumes due to weather and sales to Brown Wood which were included in external sales during the first quarter of 2024.
Foreign currency changes compared to the prior year period from our international markets had an unfavorable impact on sales in the current year period of $2.2 million.
−Removed: Cost of sales as a percentage of net sales was 77 percent, compared to 81 percent in the prior year period as lower freight costs, operating expenses and raw material costs were partly offset by lower sales volumes.
+Added: CMC net sales decreased mainly due to lower phthalic anhydride volumes of $30.8 million as we ceased production, lower volumes of carbon black feedstock of $12.9 million and lower sales prices for carbon pitch, which were down approximately seven percent globally.
+Added: The decreases in carbon pitch prices were driven by market dynamics in the current year period, particularly in Australasia.
+Added: These decreases were partly offset by volume increases for creosote and refined tar.
+Added: Cost of sales as a percentage of net sales was 77 percent, compared to 79 percent in the prior year period as lower raw material costs, freight costs and operating expenses were partly offset by lower sales volumes.
Significant items impacting cost of sales in individual operating segments are discussed as part of "Segment adjusted EBITDA and adjusted EBITDA margin" herein.
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See Note 6 - Stock-based Compensation for changes related to our long-term incentive plan.
−Removed: Impairment and restructuring charges in the current year period represent costs associated with discontinuing phthalic anhydride production at our facility in Stickney, Illinois and our workforce reduction program across selected U.S.
−Removed: locations to streamline operations and reduce costs.
+Added: Impairment and restructuring charges in the current year period represent costs associated with discontinuing phthalic anhydride production at our facility in Stickney, Illinois, our workforce reduction program across selected U.S.
+Added: locations to streamline operations and reduce costs and consulting services related to our comprehensive assessment of our businesses.
See Note 2 - Acquisitions and Restructuring.
−Removed: Other income in the current year period primarily relates to the sale of our office space in Griffin, Georgia.
+Added: Other income in the current year period primarily relates to increased royalty income in our PC business, the sale of our office space in Griffin, Georgia and lower pension costs.
Interest expense was $3.8 million lower when compared to the prior year period due to lower interest rates.
Loss on pension settlement in the current year period represents the settlement loss recorded as a result of the termination of our United States qualified pension plan as discussed in Note 10 - Pensions and Post-Retirement Benefit Plans.
−Removed: Income tax provision decreased by $7.7 million when compared to the prior year period due primarily to the loss on pension settlement and lower income before income taxes.
+Added: Income tax expense decreased by $10.4 million when compared to the prior year period due primarily to lower income before income taxes.
See Note 8 – Income Taxes.
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Segment adjusted EBITDA and adjusted EBITDA margin is summarized in the following table:
−Removed: Three Months Ended
+Added: Six Months Ended
(Dollars in millions)
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Carbon Materials and Chemicals
−Removed: RUPS adjusted EBITDA increased due to net sales volume and price increases and $2.2 million from lower operating expenses in our crossties business, partly offset by $2.5 million of higher raw material and allocated selling, general and administrative expenses.
−Removed: PC adjusted EBITDA decreased due to a net decrease in sales and higher raw material costs, partly offset by $3.7 million of lower logistics and selling, general and administrative expenses, particularly in North America.
−Removed: CMC adjusted EBITDA increased due to $7.0 million of lower raw material and allocated selling, general and administrative expenses, particularly in North America, along with a favorable sales mix and improved plant performance as a result of an outage in North America in the prior year period, partly offset by price decreases.
+Added: RUPS adjusted EBITDA increased due to net sales increases and $8.7 million of lower operating, raw material and selling, general and administrative expenses.
+Added: PC adjusted EBITDA decreased due primarily to higher raw material costs and lower sales volumes, partly offset by $5.7 million of lower selling, general and administrative and logistics expenses, particularly in North America, and higher royalty income.
+Added: CMC adjusted EBITDA increased due to $19.3 million of lower raw material, selling, general and administrative and operating expenses, particularly in North America, along with a favorable sales mix and improved plant performance as a result of an outage in North America in the prior year period, partly offset by sales decreases.
Adjusted EBITDA Reconciliation.
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Three Months Ended
+Added: Six Months Ended
(Dollars in millions)
−Removed: Net (loss) income
Interest expense
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Impairment, restructuring and plant closure costs (2)
−Removed: (Gain) on sale of assets
+Added: (Gain) loss on sale of assets
Mark-to-market commodity hedging (gains)
+Added: Acquisition inventory step-up amortization
Amortization of cloud-based software implementation costs
−Removed: Loss on pension settlement
+Added: Pension settlement and expense
Total adjustments
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(2) See Note 2 - Acquisitions and Restructuring.
−Removed: Net cash used in operating activities for the three months ended March 31, 2025 was $22.7 million compared to $12.3 million in the prior year.
+Added: Net cash provided by operating activities for the six months ended June 30, 2025 was $27.8 million compared to $14.9 million in the prior year.
For both periods, the primary source of cash was net income, excluding non-cash items, principally depreciation and in 2025, the pension settlement loss.
−Removed: This was offset by working capital usage which was higher in the current year primarily as a result of the timing of purchases and payments of raw material inventory and pension funding of approximately $14 million in connection with the settlement.
−Removed: Net cash used in investing activities for the three months ended March 31, 2025 was $17.6 million compared to $25.8 million in the prior year due primarily to lower capital expenditures.
−Removed: Capital expenditures were higher in the prior year period due to investment in growth projects, such as the yield enhancement project at our CMC facility in Nyborg, Denmark which was completed in the first quarter of 2024.
−Removed: Additionally, during the three months ended March 31, 2025,
−Removed: we paid approximately $7.6 million for a land transfer associated with our agreement to liquidate Koppers (China) Carbon & Chemical Company Limited (KCCC) with Koppers and Tangshan Iron & Steel Group Co.
−Removed: Net cash provided by financing activities for the three months ended March 31, 2025 was $28.7 million compared to $23.0 million in the prior year.
−Removed: The primary source of financing cash flows for the three months ended March 31, 2025 was net borrowings of $49.1 million and the primary uses of financing cash flows were repurchases of common stock, including payments related to taxes withheld under stock-based compensation plans, and dividends paid.
−Removed: In the prior year, the primary source of financing cash flows was net borrowings of $27.9 million and the primary uses of financing cash flows were payments related to taxes withheld under stock-based compensation plans and dividends paid.
+Added: Working capital usage was lower in the current year primarily as a result of the timing of receipts and payments, partly offset by pension funding of approximately $14 million in connection with the settlement.
+Added: Net cash used in investing activities for the six months ended June 30, 2025 was $39.3 million compared to $141.6 million in the prior year.
+Added: The decrease was due to cash paid for the Brown Wood acquisition in the prior year as well as lower capital expenditures in the current year due to the completion of certain growth projects, such as the yield enhancement project at our CMC facility in Nyborg, Denmark which was completed in the first quarter of 2024.
+Added: Additionally, during the six months ended June 30, 2025, we paid approximately $7.6 million for a land transfer associated with our agreement to liquidate Koppers (China) Carbon & Chemical Company Limited (KCCC) with Koppers and Tangshan Iron & Steel Group Co.
+Added: Net cash provided by financing activities for the six months ended June 30, 2025 was $3.3 million compared to $111.6 million in the prior year.
+Added: The primary source of financing cash flows for the six months ended June 30, 2025 was net borrowings of $37.2 million and the primary uses of financing cash flows were repurchases of common stock, including payments related to taxes withheld under stock-based compensation plans, dividends and debt issuance costs.
+Added: In the prior year, the primary source of financing cash flows was net borrowings of $150.6 million and the primary uses of financing cash flows were repurchases of common stock, including payments related to taxes withheld under stock-based compensation plans and dividends.
Liquidity and Capital Resources
−Removed: As of March 31, 2025, liquidity from our Credit Facility and cash on hand was approximately $320 million.
+Added: As of June 30, 2025, liquidity from our Credit Facility and cash on hand was approximately $336 million.
Our Credit Facility is described in Note 11 – Debt.
−Removed: Our need for cash in the next twelve months relates primarily to contractual obligations which includes debt service, pension plan funding, purchase commitments and operating leases, as well as working capital, capital spending, dividends and share repurchases.
+Added: Our need for cash in the next twelve months relates primarily to contractual obligations which include debt service, pension plan funding, purchase commitments and operating leases, as well as working capital, capital spending, dividends and share repurchases.
We may also use cash to pursue other potential strategic acquisitions.
−Removed: Capital expenditures in 2025, excluding acquisitions, if any, are expected to total approximately $65 million and are expected to be funded by cash from operations.
+Added: Capital expenditures in 2025, excluding acquisitions, if any, are expected to total approximately $52 million to $58 million and are expected to be funded by cash from operations.
We anticipate that our liquidity will continue to be adequate to fund our cash requirements for at least the next twelve months.
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The amount of our outstanding debt and our overall cash flows will fluctuate throughout any operating period based upon, among other things, the timing of receipts from customers and payments to vendors.
−Removed: As of March 31, 2025 and December 31, 2024, approximately 85 percent of accounts payable was current and 15 percent was 1-30 days past due.
−Removed: Restrictions on Dividends to Koppers Holdings
−Removed: Koppers Holdings depends on the dividends from the earnings of Koppers Inc.
−Removed: and its subsidiaries to generate the funds necessary to meet its financial obligations, including the payment of any declared dividend of Koppers Holdings.
+Added: As of June 30, 2025 and December 31, 2024, approximately 85 percent of accounts payable was current and 15 percent was 1-30 days past due.
+Added: Restrictions on Dividends to Koppers Holdings Inc.
+Added: Koppers Holdings Inc.
+Added: depends on the dividends from the earnings of Koppers Inc.
+Added: and its subsidiaries to generate the funds necessary to meet its financial obligations, including the payment of any declared dividend of Koppers Holdings Inc.
The Credit Facility permits Koppers Inc.
−Removed: to make dividend payments to Koppers Holdings if certain conditions are met, including, among other permitted dividend payments, the ability to fund the payment of regularly scheduled dividends on Koppers Holdings common stock and repurchases of Koppers Holdings common stock, in an aggregate amount per fiscal year not to exceed the greater of $50.0 million, with unused amounts in any fiscal year being carried over to the succeeding fiscal year, and 6.0 percent of market capitalization.
+Added: to make dividend payments to Koppers Holdings Inc.
+Added: if certain conditions are met, including, among other permitted dividend payments, the ability to fund the payment of regularly scheduled dividends on Koppers Holdings Inc.
+Added: common stock and repurchases of Koppers Holdings Inc.
+Added: common stock, in an aggregate amount per fiscal year not to exceed the greater of $50.0 million, with unused amounts in any fiscal year being carried over to the succeeding fiscal year, and 6.0 percent of market capitalization.
Bank Debt Covenants
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• The total net leverage ratio is calculated as of the last day of each fiscal quarter in accordance with the Credit Facility definitions of consolidated total net debt divided by consolidated EBITDA and is not permitted to exceed 4.75.
−Removed: The total net leverage ratio as of March 31, 2025 was 3.34.
−Removed: Effective during the second quarter of 2025, the total net leverage ratio will not be permitted to exceed 4.75.
+Added: The total net leverage ratio as of June 30, 2025 was 3.3.
• The cash interest coverage ratio, calculated as of the last day of each fiscal quarter, is not permitted to be less than 2.0.
−Removed: The cash interest coverage ratio as of March 31, 2025 was 4.0.
+Added: The cash interest coverage ratio as of June 30, 2025 was 4.2.
We are currently in compliance with all covenants governing the Credit Facility.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: There are no material changes to the disclosure on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2024.
+Added: There are no material changes to the disclosure on this matter made in Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024.
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.