Ashland — Jul 29, 2025 release

Raw material costs are steady, and year-over-year pricing pressure is easing as the company laps prior actions. These conditions are expected to support margin performance through the fourth quarter. Ashland continues to prioritize controllable levers. The company’s $30 million restructuring program is expected to generate approximately $7.5 million in savings in the fourth quarter. Progress continues on the $60 million manufacturing network optimization initiative. These efforts, combined with strong execution, are expected to support continued margin strength. Free Cash Flow generation was strong in the third quarter, and Ashland expects continued healthy conversion in the fourth quarter. Based on these factors, Ashland now expects full-year fiscal 2025 sales of approximately $1.825 billion to $1.850 billion and Adjusted EBITDA in the range of $400 million to $410 million. While the company has narrowed its guidance to reflect muted near-term growth, current assumptions are weighted toward the lower end of the range, reflecting a prudent base-case stance amid ongoing uncertainty, while underscoring the resilience of Ashland’s business model. “While the macro environment remains stable, growth remains muted and consumer sentiment cautious. We’re seeing resilience in pharma, stability in Personal Care, and early signs of recovery in Ashland-specific areas. Our completed restructuring and continued focus on operational execution are supporting strong margins and healthy cash generation. We remain committed to driving self-help