Koppers Reports 13.7% EBITDA Margin in 2025, Raises Dividend to $0.09
Koppers posted 2025 sales of $1.9 billion (down 10%), adjusted EBITDA of $256.7 million (13.7% margin) and adjusted EPS of $4.07. Catalyst generated $46 million in 2025 and is set to deliver $20–40 million in 2026 as the company guides sales of $1.9–2.0 billion, EBITDA of $250–270 million and a $0.09 quarterly dividend.
1. Full-year 2025 Financial Results
Koppers closed 2025 with sales of $1.9 billion, a 10% decrease from 2024, while achieving $256.7 million of adjusted EBITDA (13.7% margin) and adjusted EPS of $4.07. Operating profit reached $167.8 million and operating cash flow totaled $122.5 million.
2. Catalyst Program Performance
Launched in early 2025, the Catalyst transformation program delivered $46 million in annual benefits, drove a 15% reduction in adjusted SG&A and an 11% headcount cut. Management now forecasts $20–40 million of benefits in 2026 and up to $75 million cumulatively through 2028.
3. 2026 Financial Guidance
For 2026, Koppers guides sales of $1.9–2.0 billion, adjusted EBITDA of $250–270 million and adjusted EPS of $4.20–5.00. The company expects a significant jump in operating and free cash flow, aims to reduce net leverage from 3.4x toward 2–3x and has raised its quarterly dividend to $0.09.
4. Segment Outlook
Performance Chemicals is forecast to grow top line by about 11% through market share expansion despite price compression. Railroad and Utility Products aims to leverage utility market strength and backlog, while Carbon Materials and Chemicals faces cost pressures and volatility from raw material shifts.