Ingevity Reports 8% Sales Drop, 10% EBITDA Growth and $4.08–$5.20 EPS Guidance
In 2025, Ingevity’s sales fell 8% to $1.3 billion, while EBITDA rose 10% to $398 million and EPS jumped 30% to $4.55, following the Jan. 1 sale of its North Charleston CTO refinery and Industrial Specialties line. For 2026: EPS $4.08–$5.20, sales $1.1–$1.2 billion, free cash flow $225–$250 million; $300 million buyback through 2027.
1. 2025 Financial Results
In 2025, Ingevity reported sales of $1.3 billion, down 8% year-over-year, while adjusted EBITDA increased 10% to $398 million and adjusted EPS rose 30% to $4.55. Free cash flow reached $274 million, leverage fell to 2.6x and the company repurchased over 1 million shares.
2. Portfolio Reshaping and Divestitures
On January 1, Ingevity completed the sale of its North Charleston CTO refinery and the majority of its Industrial Specialties line to Mainstream Pine Products. Management said these transactions will reduce portfolio volatility, strengthen cash flow and strategic flexibility, and the company has initiated sales processes for its APT and Road Markings segments.
3. 2026 Guidance and Buyback Plan
For 2026, Ingevity guided to adjusted EPS of $4.08–$5.20, sales of $1.1–$1.2 billion, adjusted EBITDA of $380–$400 million and free cash flow of $225–$250 million, excluding expected litigation receipts. The board approved a $300 million share buyback program through 2027.
4. Segment Highlights
Performance Materials delivered flat sales of $607 million with margins above 50%, despite lower auto volumes. Pavement Technologies and Road Markings now account for most segment EBITDA, which rose by 12%, while APT sales declined 15% amid weak industrial demand and competitive pressure.