Ashland — Feb 2, 2026 release

  Narrowing prior guidance • Sales: $1,835 million to $1,905 million, supported by continued momentum in innovation-driven and globalized product lines • Adjusted EBITDA: $400 million to $420 million; prior guidance $400 million to $430 million 4   • Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization: double digit plus growth reflecting operating improvement and progress in Portfolio Optimization • Ongoing Free Cash Flow Conversion: approximately 50 percent of Adjusted EBITDA with capital expenditures of approximately $100 million Key planning assumptions • Portfolio Optimization initiatives completed last year continue to support mix improvement and structural margin resiliency • Demand in Life Sciences and Personal Care is expected to remain resilient, supported by stable fundamentals and progress across innovation-driven product lines • Specialty Additives and Intermediates markets remain mixed, with a coatings recovery expected to be regionally uneven until broader industrial and housing activity improves • Growth in high value globalized platforms including biofunctional actives, microbial protection, injectables, and tablet coatings is expected to outpace underlying markets • Manufacturing assumptions reflect approximately $11 million of temporary impacts from the Calvert City startup delay and recent weather-related disruptions, all isolated to the second quarter, with absorption recovery expected over time as visibility improves • The manufacturing optimization program remains on track, and the associated benefits are expected to strengthen as the year progresses; the company continues to expect approximately $30 million in cost savings under the $90 million dollar program for fiscal 2026 • HEC network performance continues to improve as post consolidation cost escalation moderates and productivity initiatives advance, with additional operational stability and cost benefits expected to build through the year • Raw material costs are assumed to remain generally stable to positive with supply chains performing reliably, in line with recent trends • Tariff-related uncertainty remains elevated, and the outlook assumes no material incremental impacts beyond known exposures, with mitigation actions aligned to current regulatory expectations “As we look ahead, our full year outlook remains grounded in the strength of our core markets and the progress across our innovation driven and globalized platforms. The only change to our guidance is the narrowing of the adjusted EBITDA range, reflecting temporary weather impacts and the extended Calvert City repair work isolated to the second quarter. All other elements of our outlook remain unchanged, supported by resilient demand in Life Sciences and Personal Care, continued execution on cost and productivity initiatives, and constructive early second quarter trends. We will continue to manage production, inventory